Can I get a mortgage loan w/1 year work experience?
My fiance and I just signed a sales contract for a house. His credit score is bad; so, I will be the only one on the mortgage. I am trying to get a mortgage loan for $ 137,180 (House sold price was 144,440 and I put 5% down). The problem is I just graduated last May (2008). I was working part time as a design intern making $ 10/hour while still in school. After I graduated I got a full time job as a designer and started making $ 30,000; however, I got a raise in February 2009 to $ 40,000. My credit score is: FICO 762, Beacon 750, Empirica 756. What are my chances of getting a loan for the amount needed? Also, my desired mortgage interest rate is 5%. What are my chances?
Also, I am the co-signer to my fiance’s car ($ 19,000) and one of his credit card (which has a balance of $ 2000, credit limit $ 8,000). He is making all the payments and has proofs of them. Will it show up on my files. Will that effect anything if I am the only one of the mortgage loan?
I was the only one on the sales contract. He’s not on the sales contract.