Q&A: Will it be hard to get a home loan if I already have two vehicles I’m still paying for on my credit?

Posted on Mar 1, 2013 in Stated Income Loans

Question by charliesangel: Will it be hard to get a home loan if I already have two vehicles I’m still paying for on my credit?
I’m trying to be a home with maybe a few thousand down. Will it be hard to do that without a co-signer?

Best answer:

Answer by Sun

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  1. There is a lot that comes into play here-lots of variables.

    Some of the the things that the lender will consider is your credit score, income to debt ratio, how long you have been on the job or field of work, your down payment, your income…..

    There are ways around some of these that the lender will know about like “no doc loans” meaning the lender will require no documentation like pay stubs,tax returns,etc.

    “Stated income loan”- you just state your income and not provide documentation.

    These are just a few samples of the type of loans that are out there. All of which there will be a much higher interest rate.

    One of the things that you can’t really get around and that is your credit score. They will look heavily at that. The lower your credit score the higher the risk to the lender and vise versa. Sure there are loans out there that may qualify you for low credit score loans but again the interest rate will be much higher as well as there may be limits to the purchase price of the home.

  2. FYI, I am a licensed mortgage broker. It may be possible. It really depends on your credit scores and how much you earn and how much you owe. In general, your monthly payments on your consumer debt, your mortgage payment, your property taxes and your homeowner’s insurance may be no more than 50% of your GROSS income. Most lenders do not allow co-signers in a traditional sense. If you do have a “co-signer” that will not be living in the property, many lender will consider this an investment property and you will be subject to higher mortgage interest rates. Consult a mortgage professional. If you would like to contact me, please email me at phl_concord@yahoo.com