Mortgage question

There's just so much more to getting approved than the limited info you provided.. Lenders will look at all 3 credit bureaus and use the mid score for all borrowers.. The credit scores that a mortgage company pull will be different than the free scores you pull off the internet.. The lender will need to look at your complete profile not just a few token items... The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I would be able to "qualify" either your husband or the both of you together, depending on credit. However,I would need more information on what your monthly consumer debt payments are to pre-qualify you. Living in the home and the fact that it was your parents isn't an issue.I would need to see run your credit to get a better handle on how it looks. There is a difference in credit scores from when you pull credit asto when a lender does due to the scoring models being used. I would be able to assist you if you like. Ray Hazuckar.hazucka@mybbmc.com

Your question does not give any lender enough information to make give an answer here. Contact a local non-bank licensed Loan Officer, give them a full application, and let them zero in on your exact situation. Your low 620 score will likely cause issues... Good luck

Without knowing the other monthly debt that you have, it's hard to say. Your credit report would need to be run again to determine the best route to go. It may be best to have your husband as the only borrower since you indicate that his score is higher. If so, using him alone would yield you a better interest rate. Perhaps some of the debt that was "bad" is not in his name.

It all depends on the details of your application and actual credit right now. Assuming the income is from w-2 jobs and "reasonable" monthly debt I would likely be able to help you purchase a home in that prirce range. I'm a little confused by your Iowa location and the PA in your question but can lend in either state and would welcome the opportunity to earn your business. Just click on my name for contact info.

I also live in Pa. and will be happy to help you get an approval at great rates. Let's talk so we can address the issues that others have spoken about. I look forward to giving you answers today or this evening is better that is an option . Mark 302-449-7373

Everyone below has really provided some good basics regarding the possibilities. There are a few hurdles that may not have been mentioned yet, but they are intricacies that are better for discussion rather than forum topic. I am a licensed non-bank lender in Iowa, feel free to reach out if the property is located in this state and we can go into more detail. Good luck!

Since you are already living in the house, I would suggest you contact a certified credit coach to increase your credit scores to improve your scores. then in about 3 months or so start working on getting refinanced. One of the best certified credit coach's I have worked with and seen the positive results is Derick Vogel , 480-478-4304, dvogel@creditabsolute.com He does terrific work and delivers as he says.

The best way to get qualified for a home purchase is to contact a reputable mortgage consultant that you feel comfortable working with and provide them with the entire scenario to process. That way you can lay out all of your options for consideration and also be able to work on strategies on qualifying in the near future if for some reason you dont qualify or are not satisfied with the terms you qualify for at the present time. Its sounds like this is a Non Arms Length Transaction which does have different guidelines than the more traditional arms length purchase transaction. Best of Luck with the purchase and please feel free to contact if I am can be of further assistance.

More information is needed, We are direct lenders in NJ and can certainly offer you a free consultation. email me at PBotros@OmegaLoans.net