divinemadness Posted January 12, 2008 Report Share Posted January 12, 2008 i only have 4 years credit history, the dh only almost 2. do any banks offer good mortgages for first timers?? young folk??im curious about this ... Link to comment Share on other sites More sharing options...
TheRoadBack Posted January 13, 2008 Report Share Posted January 13, 2008 i only have 4 years credit history, the dh only almost 2. do any banks offer good mortgages for first timers?? young folk??im curious about this ...can u provide documentation of your incomes? Link to comment Share on other sites More sharing options...
divinemadness Posted January 13, 2008 Author Report Share Posted January 13, 2008 can u provide documentation of your incomes?yes but we dont make a whole lot combined.. like $50k we are still in college online.. junior years. we just want to buy something cheap to get owning in the door for later on. heck i would like to even buy a rental with a tenant in it if u could find it. i may or may not have a cosigner with an 834 FICO score. she said she would cosign for a duplex with tenants.... Link to comment Share on other sites More sharing options...
firstsource Posted January 14, 2008 Report Share Posted January 14, 2008 FHA insures loan programs that were written to help people in these situations. The general guidelines are that you have paid your bills on time for the past 12 months. That you have 2 years job history. That you are not buying more of a home than you can afford. A suggestion for your possible co-borrower person. Have them buy the home and sell it back to you-with your name on title with a lien. There would still be a 10% down requirement for you, and you would want to make the payments by check to the mortgage company to establish payment history, but this would be the best way for you to get started in home owner ship if they were willing to help you.Charles Link to comment Share on other sites More sharing options...
divinemadness Posted January 14, 2008 Author Report Share Posted January 14, 2008 FHA insures loan programs that were written to help people in these situations. The general guidelines are that you have paid your bills on time for the past 12 months. That you have 2 years job history. That you are not buying more of a home than you can afford. A suggestion for your possible co-borrower person. Have them buy the home and sell it back to you-with your name on title with a lien. There would still be a 10% down requirement for you, and you would want to make the payments by check to the mortgage company to establish payment history, but this would be the best way for you to get started in home owner ship if they were willing to help you.Charlesthankyou-- thats what we will do, we were thinkin about that the other day and i guess its the only option we have. thanks!!! ill let yall know when we are in the new house! LOL Link to comment Share on other sites More sharing options...
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