My husband & I were planning to buy a house. We are looking for a house in between $ 250,000 – $ 300,000. We only have 10% down so far. Our problem is: We’ve been into 2-mortgage company so far & they both told us that lenders can’t give us a loan, even for 20%, in our situation. We live in Bay Area, CA.
1) My husband have a joint mortgage with his mom (but he’s not on the title). The loan balance as of now is $ 242,685 (originally $ 250,000).
He also has a joint installment with a monthly payment of $ 131.
2) My husband has 2 credit card that we are using & the monthly payment is $ 439 on both cards.
3) His median credit score is 687 (667 – 687 – 704).
4) His gross income is at least $ 80,000 a year. I’m a full time student, don’t work, & no credit score yet.
Is there a possibility that we can get a loan in our situation? We need to move out coz of mom-inlaw conflict. How about renting a house? Which one do you think: buying a house or rent a house?
Knowledgeable person please help & advice. Thanks in advance.
We can’t refinance the home coz of the economy right now, & we can’t either coz mom-inlaw can’t qualify. She is retired & no additional income except for her sss pension (lower than $ 1000). Thanks.
The new house will be our primary home & the old house payment will be taken care by mom-inlaw. Husband & I will move to the new house without mom-inlaw. Thanks.