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03-30-2011, 10:41 PM
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need a mortgage loan
My husband is applying for a mortgage loan; he served in the military for 15yrs but now has worked for the post office for the past 13yrs. He has a foreclosure and a bankruptcy on his credits which both are over 5 yrs old. We are separated and have been for the past 5 yrs at which I have been paying child support, I pay him $600 bi-weekly in child support for my two boys which are 14 and 12. He has put down $6667 with the home builder and has an additional $6000 in the bank. He needs $4200 in reserves. I guess he can get a gift loan for a few thousand if need be. His credit score was 633 6 months ago, hopefully it’s over 640 now. His realtor contacted the credit bureau and has gotten a few things to fall off. Does anyone know if he will be able to qualify for a loan? I would love for my boys to have a place to call home.
He makes 83k before my child support $15600 a yr in child support, not court ordered, but do have separation paper work and I have been paying.. $539 monthly debt, $6916 monthly gross Last edited by AREACODE832 : 03-30-2011 at 10:49 PM. 
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03-31-2011, 03:50 PM
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You guys need to wake up!
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http://themoney101.blogspot.com/
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04-02-2011, 10:50 AM
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It really depends on the bank. He may qualify for a loan, but it probably won't be at the best interest rate.
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04-04-2011, 07:09 AM
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No.
He will need 20% down for conventional financing. If he tries to go FHA he will need a minimum of a 680 credit score to qualify.
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MODERATOR Brian
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04-04-2011, 11:44 AM
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Is your husband not eligible for a VA mortgage? If he is, he should be able to get a VA home loan with a minimum 620 FICO. VA would also require the least amount of money out of your pocket. His Debt-To-Income ratio seems like it should be sufficient.
And just an FYI - FHA actually only requires a minimum FICO of 620. This would require him to put at least 3.5% down toward the purchase. I think VA would be the better option though. I hope this helps!
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04-04-2011, 12:36 PM
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I was going to say, you don't need 20% down for a VA loan. I didn't know about the FICO, but my guess would be it would be easy to get a VA loan (my sister just got one - she said 0% down). Her husband is a military vet, so it was some kind of program like that.
I also had a client just refi down to some insane low fixed rate - VA loan.
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12-08-2011, 01:05 AM
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Quote:
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