Homepath Loan, Questions about qualifiying.
I am looking to purchase a Homepath house and have questions about my eligibility. My score is above 680, (I do have a collection for a cable box that is 6 years old I refuse to pay as I did drop it off) I can put 10-20% down on a 180K house. Employed at same company for 5 years, making 47K, husband currently has a mortgage, but is renting the property. He makes 67K. I have 1200 in debt, he has a 26K car loan, and 125K mortgage currently. Would I qualify on my own? Would he even be eligible? by pnkshu_269_685 from Germantown, Wisconsin. Oct 18th 2011
Mel Simonovich (mel4600)
#10 ranked lender in Wisconsin - 6 contributions
You would be borderline on qualifying on your own depending on taxes. You can qualify with your husband with no problem if he is renting his other home. If you would like to get qualified call 262-652-4600 Security National Mortgage. We are a direct lender owned by Security National Life Insurance Company.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Based on your limited information, it is impossible for any lender to make any assessment here. Just because a home is HomePath eligible doesn't mean you need to do a HomePath loan to buy it. Contact a licensed Loan Officer, let them take a full application, and they can give you all your options. For HomePath financing, FHA, Conventional in MN and WI, visit www.hom-path.com
Pam Schubert - VA certified loan specialist (pschubert)
#17 ranked lender in Wisconsin - 24 contributions
We would need more information in order to make a decision. Depending on the monthly debt your husband has and more information regarding the renting of the property would also have a factor. I am a loan officer for Peoples Home Equity, Inc, we are in Wisconsin. Give me a call at 920-410-2646 which is the best way of reaching me.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Based on the information provided, you would qualify. But there's more to qualifying then just a credit score and ratios.. You need to contact a local mortgage broker, not a bank and do a full application. WilliamAcres.com
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