Can I get approved for a home loan?

Posted on Oct 30, 2012 in FHA Information

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Question by RandomFirefly: Can I get approved for a home loan?
My fiance and myself are in a frustrating situation, approved and we’re about at the end of our rope. We live in Minnesota, the metro area, and we’re considering purchasing a home versus renting for reasons I will mention later. We both make $ 26,000 a year, her credit score is in the low 600’s while my credit score is in the mid 700’s. I have limited rental history (just a year) and she has a deeper rental history, but she also has a foreclosure that is nearly 3 years old now.

With her score and relatively recent foreclosure she is certain she won’t qualify, however with my score I might, but every pre-qualification application and mortgage calculator I use says no lender would approve me for a loan–how can this be? Does it deal more with your income than it does your credit score?

Would we be capable of qualifying on a joint application even with the above-mentioned status? We originally wanted to rent, but we are finding that renting is way too expensive and with 3 children there are few places that allow more than 4 people in an apartment/town-home, and the income restricted apartments have a long waiting list.

We also have no desire to live in a Section 8 area, as we have seen most of them and they are, no offense, complete ghettos that we won’t raise the kids in. Also because we “make too much money” we do not qualify for any assistance. What exactly are we supposed to do?

Is there any hope at all with our salaries that we can qualify for a home around $ 100,000-$ 125,000? Share with me your thoughts please! I have tried FHA, and they have no lenders either in my scenario.

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  1. If you want to use both your incomes – they will review both of your credit ratings.
    Could you consider renting a house?
    Do not do rent to own if you do – you can get kicked out and lose the own part you paid for all those years.
    Just save your money instead.
    Rent a small home – and save for a down payment on a new home.
    If you don’t save aggressively – you will never make your dreams come true.
    You didn’t say home much you made – so no one will tell you what you can qualify for.

    Google “how much house can I afford”.
    But if FHA is turning you down – everyone else will – and that’s the truth.
    Save, save, save so you can have at least 20% down to put on a house someday.