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Can We Get A Loan?

We are currently going through in lue of deed with our current mortgage.550 credit score, income 125k/year. can i get a loan to purchase a smaller home with my father as a cosigner. He has 800 credit score? we are upside down on our house by julizzz87 from Seattle, Washington. Mar 9th 2011 Reply


Rich Constantine (rconstantine)
#397 ranked lender in California - 79 contributions

I have Programs that go as low as 500 FICO on FHA or VA purchases in the West Cost, based on alternative credit. I see you are on the West Coast. There are compensating factors that need to be discussed. I emailed my AE for this program asking about the In Lue of Deed. You can email me directly at rconstantine@myhsoa.com for more info on this program. In the meantime, let me find out about the In Lue of Deed. Hope this helps. RC

Mar 9th 2011
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Crestico Funding (CresticoFunding)
#314 ranked lender in California - 336 contributions

Hello,I would recommend you ask your father to purchase the house under his name only and in the future once you have improved your credit you can refinance him out of the loan. At this point most lender will not approve your loan application because of your credit situation. please feel free to call or email me for more information.

Mar 9th 2011
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Debbi Lachowsky (debbi.lachowsky)
#4 ranked lender in Arkansas - 13 contributions

We require a minimum of 640 credit score for loan approval. You could have your father purchase the home in his name only - keep in mind if he already owns a home, this home would be considered a second home and the interest rate will be slightly higher than the interest rate given on primary residences. There are many things you can do to repair/improve your credit score - please fee free to give me a call and I'll be happy to discuss it with you.

Mar 9th 2011
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Dan Paladin (dpaladin)
#1 ranked lender in California - 524 contributions

Deed in Iieu is treated like a foreclosure...you will have to wait and improve..so as has been suggested you may have to have your father purchase it....Hope that helps...

Mar 9th 2011
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Daniel Lotter (dnllotter)
#27 ranked lender in Colorado - 58 contributions

your father could refinance through a fannie mae or freddie mac relief product. And in reading some of the answers I am suprised they allow scores under 580. If they can get it done Id jump on it before it goes away.

Mar 9th 2011
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Jim Costello (jimc@homemortgagelender.com)
#81 ranked lender in Florida - 22 contributions

You will need to wait 2 years before buying a home under your name. Your father can buy the home under his name only.

Mar 10th 2011
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