credit score 664 - mortgage?
my husband's credit score is 664 - pretty average. i dont know for sure what mine is, but ive only had one bill in my name for a yr. its up to date, but there have been missed payments. what are our chances of getting a mortgage? we are looking at a house that costs 137,000. its a 3 bdrm with an in-law suite downstairs. my mother in law will be living there and pitching in on the mortgage, like a monthly rent. do we have a decent chance of getting a mortgage? what about a mortgage with a low downpayment (0-3%)? we're going to see a broker this week who is apparently one of only two in canada that offer a special first time home buyers 0% down program. my husbands cousin bought a $180000 house through him with 0%, but im unaware of her credit position obviously, but shes about 35 and this is her first home, so i dont know if its perfect. with our credit and incomes together plus the guaranteed tenancy from my mother in law, do we even have a shot? we're young by the way - hes 21,im 19 i dont know whether age matters or not. hes been at his job for 3 1/2 yrs, ive been at mine for 2. im currently on maternity leave but am going back to work this week and hes taking off for parental leave, so one of us will be on unemployment. even while on unemployment, our monthly income will be somewhere around $3000 monthly, not including the rent from his mom.
Public Comments
- FHA loans have programs that include grants for down payment assistance/
- Try countrywide.We got a mortgage loan from them last month and our credit score is high risk.Good Luck
- Check out http://www.mortgagefigure.com there is lots of information about refinancing, consolidation, bad credit mortgages and more.
- It can be done. I am not too familiar with Canadian loan proceedures, but I know of a company in America that can loan internationally on mortgages.
- Keep a separate credit history from your couple. I found interesting information about your answer & the best options here. http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html Good luck!
