Home Loans

[Nikuk]

@d3x

just so you know, credit only plays a minor role in landing a mortgage. i have some pretty bad credit (around 500 FICO score) and i landed a mortgage at the going rate. they are looking at your income more than anything. at worse they may ask you to put a little down on the house.

what is your rate?

[eMKay]

@JustinH

If you are going in with your lady, and you plan on getting married down the road, then here is what I did.

Bought the first house in my name, with my credit.

This way the next one goes in her name, and we both get first time buyer benefits.

I have a 760 credit score, and just got a 30 year fixed 5.5% SONYMA loan with a $5000 cash grant.

Oh…RLY? Our house is in my wifes name…Both of us have excellent credit. Hmmmmmm, can I buy a house JUST in my name? Even if I’m married? I make half what she makes so how would it work?

[Nikuk]

you can do anything you want with your own name & ssn.

[eMKay]

Well that just opens up a shitload of possibilities, thanks.

[theblue]

you cannot get a sonyma loan if you’re married and the combined is over 64k. it also won’t be your first home so you wouldn’t qualify anyway.

unless you can explain that your wife will not be living in the house and they buy it (which they won’t)

and justin could have had a 5.0% loan due to his low income IF he had passed on the $5000 in cash. (I’m guessing it takes about 8 years to break even on not taking the cash, then you’d save about $50 a month)

[d3x]

@Nikuk

what is your rate?

6.5%

[Nikuk]

lol. k.

[d3x]

at the time 6.5% was a good rate. the 30 yr fixed was averaging around 6.7%
unfortunately for me i bought a house when the rates peaked