The loan would be in his name, title in both of our names, mid fico is 580 (although some on the credit report is not accurate), stable work history for 7-9 months. We're both students.
Can we get financed? If so, where should we try?Are there any mortgage brokers out there? What are the chances of this happening?
The fees they charge are based on the size of the loan so they would not be earning enough. You will have to talk to a human at a bank and get them to help you.
Have you thought about putting only $20,000 down or $30,000 down so your loan would be bigger? You could make it a fifteen years loan or a ten year loan and you could even make extra principal payments to shorten the life of the loan even more.
This idea will result in a higher house payment than you probably want so be careful with that idea.Are there any mortgage brokers out there? What are the chances of this happening?
I can get you financed depending on what state your in.
With half down, I am surprised you have not found financing. It is more difficult to find a lender that will finance small amounts. Still, hard money should be able to help you but only as a last resort since they charge some hefty fees. Try speaking with several mortgage brokers in your area. Many loan officers sometimes don't want to work on small loan amounts because it takes the same amount of work as a $200,000 loan and since most brokers charge only 1% to 3% of the loan amount, they can't make much money on those loans. It could also be something else. Maybe it is an income issue since you are both part-time students. Even if that is an issue, I couldn't imagine a private lender (hard money) not taking a chance on such a relatively low risk loan.
With 7-9 months of work history and still students, I've never worked for a lender that would underwrite a loan without charging a near double-digit interest rate, with that credit score, and I don't even have an investor that would touch that right now, again...without charging you dearly.
For now, you are better off renting. Don't get into a subprime loan, that is a huge mistake. Work on getting your credit scores up first, and if ONE of you cannot make the mortgage payment alone, get married before you buy a house...the law offers married couples legal protections that are not extended to live-ins, and many find this out the hard way in the event of a split.
try www.naca.com
I had a similar issue in the past and I was told its hard to get a loan for less 100,000. You can keep trying to find a loan but you are really going to have a hard time trying to get if for less than 100,000.
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