Have an account will help you save money, get a mortgage?

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I hope to buy a house this year. But I do not get a mortgage of about $ 80,000 (because I’m only $ 27,000 a year, my source of credit is actually very high). I hope to buy a house close to $ 130,000 in the region. My mortgage broker says I could get an FHA loan exceeds the amount, if I have my parents co-sign the mortgage, but my parents are not ready to sign. But they are willing to give me a short term loan of $ 8,000. If I have money in my savings, if it increases the amount of the mortgage I qualify? Thank you!
My husband was fired a month ago and began working as a truck driver. But the company pays him $ 56,500 in ainult.I Earn money “is” the books and my W2. We’re both managing our credit, as they are on 580.Kui NY I apply for a loan should I include my husband, although they pay him money or they are not “count “your winnings? If I do not belong to him (which I’m sure I probably can not) how I could borrow or Sonyma FHA 3% down? Thank you for any input you can provide.

13 Comments
  1. Reply
    Joanie
    April 29, 2011 at 9:24 pm

    Probably only if you plan to use that money as a down payment.

  2. Reply
    jlf
    April 29, 2011 at 10:09 pm

    If your parents GIFT you the money, that is OK. If you tell the lender you are borrowing money for your down-payment, it will kill your chances. Lenders are very alert for people who trying to borrow from other sources without telling the lender.

  3. Reply
    CHRISTINA m
    April 29, 2011 at 10:54 pm

    it would help if you used it for a down payment. most bankers expect you to put up 10% of the purchase price as a down payment. bankers often feel if you invest your own money in it your less likely to let it go back.

    they also base what t hey will loan you on your income so, you might think getting a second job just until you have the loan,

    you could also check and see if your state offers the individual Development Program what they do is match your dollar with a dollar from the state for a payment a house. you can’t use any of the money in this special savings account or they with drawl from the program

  4. Reply
    kemperk
    April 29, 2011 at 11:03 pm

    yes

  5. Reply
    Daniel
    April 29, 2011 at 11:11 pm

    yes

  6. Reply
    philospher77
    April 29, 2011 at 11:40 pm

    I will point out that an 80K mortgage is going to run you around 687/month (I assumed 5% interest rate, 3% taxes, and 700/year for insurance). An 130K mortgage is going to run you 1080/month, with the same assumptions. You make 2250/month. A bank is not going to give you a loan for 130K. The odds of you defaulting on it are very high. And it wouldn’t leave you much money for paying your other expenses.

  7. Reply
    wizjp
    April 30, 2011 at 12:30 am

    He is not being paid in any manner that a mortgage company can consider as legitimate income to score.

  8. Reply
    tracy_h81
    April 30, 2011 at 12:32 am

    since they have really tightened the lending market with the mortgage disaster it will be very difficult for you to get a mortgage with a bad credit score, anything under 600 is considered bad credit, it would have been easier a year ago. Good luck to you guys

  9. Reply
    kenoplayer
    April 30, 2011 at 12:41 am

    I have a job that pays in cash. I had to get a letter from the boss confirming that I was working there and making X amount of dollars per month. But this was over 10 years ago. I don’t know if the bank will go for this today. But give it a try anyway. Good luck.

  10. Reply
    chatsplas
    April 30, 2011 at 1:40 am

    Your husband is considered self employed. The company, although paying him in cash, should issue him a 1099 at year end. Your husband should be filing quarterly estimated taxes, or you should be having extra withholding from your paychecks. Earning more than $ 400 your hubby is required to report this income and pay taxes on it.

    You guys are not ready to become home owners right now. Lenders want credit score of 700, at least 680, so you’ve a way to go.l You repair your credit the same way you ruined it, one month at a time. Pay all bills on time, in full. Pay down all credit cards, paying 3-5 time minimums. STOP using credit cards. SAVE money for down payment-need minimum of 3.5-5% (NOT 3%).

    Depends on value of home you’re looking to buy. Some lenders require 2 year history on self employment to count it. wanting your tax return and schedule C. The larger your down payment, the more likely this is to work, so take some time to build your credit ratings, build your savings, and establish a self employment history for hubby. You can do it with planning, persistence and perseverance and restraint!

  11. Reply
    Beverly S
    April 30, 2011 at 1:43 am

    You can’t use him at all if you can’t verify income. You will not qualify with a 580 credit score. 620 is minimum now. It’s 3.5% down for FHA now. You need to work on your credit- make sure you are paying your rent on time with a check- not cash! It will also depend on what other bills you have so no one can tell you how much without more info. But it is going to take some time to bump your scores up 40 points.

  12. Reply
    yahoooo!
    April 30, 2011 at 2:34 am

    Before your bank could give you loan, I suggest that you increase your credit history to a higher score starting at 670. Your score being in the 500 is not attainable.

    But you can always try – if you can’t approve, then no big deal right? Just wait. Rent.

  13. Reply
    Joann 50 St loan officer
    April 30, 2011 at 2:43 am

    You can get pre approved for roughly $ 250k with about $ 8000 down payment.

    Depending on how he earns his income you may still be able to use him.

    I just had a client get a home in NY for less than 150k. I was shocked that prices in NY where so low.

    Feel free to contact me if there are any other questions I can answer.

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