Can we use an investor instead of a traditional Mortgage bank to qualify for a home?
We’ve picked a beautiful area and a pre-construction house. On paper my credit score is top credit. My wife is well below what traditional mtg banks will work with. However, our combined income is more than enough to pay the mtg. The Builder uses their own mtg company, and b/c I do not qualify on my own he suggested that we use an investor that is not as conservative as the traditional mtg company.
My wife had to take care of her father and is rebuilding her credit with my help. From what I can see what’s hurting her where late payments toward federal loans. She is now caught up. ( she is an ER Nurse)
Has anyone heard of this type of alternative funding?
It makes me think about what got us in this recession in the first place. But again are dual income more than qualifies for the house. I have no debt cars all paid in full I can go on and on.
Ofcourse there are more factors but debt to income for both of us looks great.
I can wait and have her score up by June, but we are looking to move by the end of the year.. that is if we get approved.
Yes we have looked into another Bank and I do not qual for the amount by myself.