Jump to content

Sign in to follow this  
wan2live

FHA with 656 and 2 co-buyer with 656 or better

Recommended Posts

Hi,

 

So I myself have to wait until 2021 to do a FHA again due to a FC. My question is

 

My wife has a 656 and her son has around the same, but their income is around 50k combined so his Girlfriend who has a higher score and better credit history with about 32k income will also sign as a non occupying borrower to help us out. I make what all 3 of then make on my own, but no mortgage for me until 2021.

 

Now my wife has to pay child support of 400 a month, comes out of her check, so her D2I is hight because we bought a new Jeep earlier this month, because the house really was not something we were looking to move on so quickly, had I thought about it we would have waited.

 

I pay for everything but that does not matter because the jeep loan is new.

 

We also live in PA and we are looking to move to TN since I myself can work from anywhere as long as I have a internet connection, but the wife will retire from her job and draw her pension or take a lump and she will have her 401k.

 

What are the options for us to buy in TN if she leaves her current job. We have plenty in retirement for reserve and down as well as savings.

 

I may have just wrote like the peanuts wahhh wahhh wahh please let me know if you need more info.

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

1. Sell jeep. Jeep has good resale value. If you negotiated a good price on the purchase you might be able to resell and break even.

 

2. Go conventional and buy house in Tennessee as a second home before you move and wife quits job.

 

Good luck.

Share this post


Link to post
Share on other sites

1. Sell jeep. Jeep has good resale value. If you negotiated a good price on the purchase you might be able to resell and break even.

 

2. Go conventional and buy house in Tennessee as a second home before you move and wife quits job.

 

Good luck.

Hi,

 

On number one it is a Lease.

 

On 2 my lender said she needs a letter from her Job saying she will still have a job when she re locates.

 

So should I be looking for another lender?

 

Thanks!

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

1. You can sell a lease. Call and find out payoff. Put the car on eBay. Place a realistic reserve and start the bidding at $1. Jeep is very popular right now. Maybe you sell if for 1000-2000 loss and get out from under it.

 

2. You are not following. Proceed with loan as a second home. Get the home before you move. Then you don't have to worry about employment issues. Only do this if you have reserves and you can make a mortgage payment without wife working.

Share this post


Link to post
Share on other sites

Unfortunately selling a Jeep this early into the lease you will probably lose your butt on it! Some keeps don NOT have a good resale value but if its a wrangler then it does. Call or look online what the purchase price currently is on the lease then look at completed auctions on eBay what its going for. That will give you the best idea where you might be

Share this post


Link to post
Share on other sites

1. You can sell a lease. Call and find out payoff. Put the car on eBay. Place a realistic reserve and start the bidding at $1. Jeep is very popular right now. Maybe you sell if for 1000-2000 loss and get out from under it.

 

2. You are not following. Proceed with loan as a second home. Get the home before you move. Then you don't have to worry about employment issues. Only do this if you have reserves and you can make a mortgage payment without wife working.

Hi,

 

Yes I understand all that you are saying. Should I look for a different lender because my current broker said that conventional as a second home will be difficult, I may try quicken because they at least have a pool of lenders.

 

I myself make more than my wife and the 2 co-borrowers so reserves are not an issue and with her pension which can be taken lump sum now we are even better.

 

I’ll check on the Jeep resale as well.

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

  • Member Statistics

    • Total Members
      177,994
    • Most Online
      2,046

    Newest Member
    John1892
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines