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     | Wednesday, March 21, 2001 - 02:08 pm  got a family member with 56k household income. (him, wife, monthly child support payment). hes got debt of about 800 a month. but if he's lucky, with so many chargeoffs and the like, he's got a credit score inthe low 500s. where can he go to get a mtg rate sheet to see where he stands for a subprime loan. what would his ltv be for a home from 50k to 80k. hes only got about 2k down. are there any programs for him out there?
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| | Wednesday, March 21, 2001 - 03:37 pm I don't know of a loan for those terms, D paper usually requires 20% to 30% down. You might want to read Mortgage Credit and Shopping for a loan and NACA
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| | Thursday, March 22, 2001 - 10:28 am ok, then, can they just apply using the wife's income and credit (the child support is in her name _ 7K a year _ and she grosses about 1916 a month. her credit is pretty good, at least in the 600s.) is there still a way they can get that house for 70k or so.
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| | Thursday, March 22, 2001 - 11:39 am There's some info at Getting married with bad credit
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| | Friday, March 23, 2001 - 02:09 am I've done some research on this. You can have either spouse apply--doesn't have to be joint depending on the state. One spouse signs a waiver of marital interest. I can suggest Indymac bank which has many programs to pick and choose. Rates will be high.--somewhere between 10 to 11. Refi as soon as possible? they plug in a penalty in the first two years. 10% down. I chose to wait for two years after ch7 dischg to get a better rate. good luck
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| | Friday, March 23, 2001 - 05:53 am Editor, you stated her income was $1916 a month, does she have any debt obiligations (credit cards car loan etc.) I don't think grossing 1900 a month would be enough on a 70K loan. My husband and I are looking in that price ramge so I am familiar with the figures surrounding that amount of a mortgage, I could be wrong but I don't think she would qualify for 70K on that income with any type of debt obligations.
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| | Friday, March 23, 2001 - 10:51 am actually, i forgot to include her child support, another 621 amonth. so total salary is about 2500 a month. surely, she can get a loan with this, cant she.
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