freebirdat2002 asked:
Me, my husband, sister and brother in law are wanting to buy property that we have lived on for 15 years. There is to homes, she has lived in one me in the other. There credit is in the upper 700, my husbands is in the lower 600. mine fell to the 500′s due to First Permier bank reporting that i was late on 2 months payments. which is a total lie!!!
Now the bank does not want to give us the loan for the 190000
but will my sister and her husband for 150000. with mine and my husband name not on the loan but on the deed. I will not do that.
Does anyone know of a place that will work with someone on this. We are wanting 190,000 the place is valued at 256,000. We are buying it off our parents for 130,000 and want 60,000 more for repairs on homes. Well at least that is what we wanting to do. Contact me if you have any information
Thanks
Why do I want my name on the loan, a few poeple are asking? why would i want to pay a payment and it go toward someone else credit and not mine? And the day that i found out that they had reported that on my report i did contact the credit card company. Talked to several people. CEO was sent letters, not to mention I explained the whole situation to the credit card company. And the bank.
Agnes
Me, my husband, sister and brother in law are wanting to buy property that we have lived on for 15 years. There is to homes, she has lived in one me in the other. There credit is in the upper 700, my husbands is in the lower 600. mine fell to the 500′s due to First Permier bank reporting that i was late on 2 months payments. which is a total lie!!!
Now the bank does not want to give us the loan for the 190000
but will my sister and her husband for 150000. with mine and my husband name not on the loan but on the deed. I will not do that.
Does anyone know of a place that will work with someone on this. We are wanting 190,000 the place is valued at 256,000. We are buying it off our parents for 130,000 and want 60,000 more for repairs on homes. Well at least that is what we wanting to do. Contact me if you have any information
Thanks
Why do I want my name on the loan, a few poeple are asking? why would i want to pay a payment and it go toward someone else credit and not mine? And the day that i found out that they had reported that on my report i did contact the credit card company. Talked to several people. CEO was sent letters, not to mention I explained the whole situation to the credit card company. And the bank.
Agnes
Virginia
Your best bet is to buy the home for $130,000 and take a second loan for the additional 60k then once refinished roll them together. Who cares if you arent on the mortgage. As long as you are on the deed, thats all that will trigger ownership. Why do you want to be on the mortgage?
Your credit will be impacted negatively when you add the mortgage to it. A mortgage will not improve your credit faster than any other type of installment loan. When the credit companies see that you have added more debt your score will go down. The only bad thing about not being on the mortgage is deducting the tax, and interest on your tax returns. I think you can still deduct it though, I would speak with an accountant to figure out how and how much.
Ruben
Since it was a mistake on your record, why haven’t you worked with the bank who reported it and clear it up? It is possible to do that and have them change your credit report. However, it takes awhile and this should have been done as soon as you realized the mistake.
I know that my fiance’ and I got approved for a home loan even though we were students. We went to a local bank when other banks wouldn’t even look at us. We got in house financing and the mortgage officer was very helpful. She would explain the different types of loans available, which ones we might qualify for and even helped us from having to pay PMI! I would suggest looking at locally owned banks since sometimes they are more flexible then nationwide banks such as Bank of America.
Why do you want your name on the loan? If it is on the deed, you own it. You could still do it that way and still own the home.