need a mortgage loan

[AREACODE832]

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

[Hector]

You guys need to wake up!

[Little House]

It really depends on the bank. He may qualify for a loan, but it probably won't be at the best interest rate.

[bjl584]

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.

[clintdavis]

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!

[MonkeyMama]

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.

[jeffery12]

cannot recollect, if it was at globrix I saw a nice comparision tool

[Michael01]

If your husband is eligible for VA mortgage,he should be can surely a VA home loan with a minimum 620 FICO.

[Peter01]

I don't think that bank will give you loan but there are other agencies as well which can help you in providing the loan.

[Shewillbemine]

I don't think that bank will give you loan but there are other agencies as well which can help you in providing the loan.

I don't think they care because this post was 7 months ago.