I am currently in the process of trying to buy my first home for my fiancee, daughter and self. (I AM CLUELESS OF THE WHOLE PROCESS) The home is VERY reasonably priced. (Under $ 70,000) Its not much but a great starter home for us. We are applying for an FHA First Time Homebuyers loan with a large bank firm, and we have a co-signer available as long as the bank will approve them as well. I have what I would assume as good credit (650+) but no income. My fiancee has NO credit but makes slightly more than $ 30K a year. My co-signer has limited income but good credit as well(650+). Will this possibly make it a definite for us to get approved? My fiancee has alternative credit (The lease in our current rental is in his name and paid on time faithfully for 2 years) but that is all he has. Will they be able to use the credit score of my co-signer as well as myself with his income???
My next questions are about what the home has to be like to purchase. Currently the home has no carpeting in 2 of the 5 rooms, but does have tile and hardwood in the remaining rooms. As well as currently does not have a refrigerator or washer and dryer. Will this make us not qualify for the FHA loan as it needs work?? There is simple repairs that need to be made such as a few hole patchings in the walls as well as placing carpet into the 2 rooms as well as painting. All things that will be able to be finished within 2 weeks of getting the keys to the home. What are the requirements to construction needing to be done?
Closing costs…What are the chances of getting this rolled into the morg.? How much could they be on a home costing less than $ 70K?
As well as how would I go about getting a loan for more than the purchase price of the home? For such things as needed repairs?
Any advice or help would be appreciated. But I prefer answers with knowledge behind them by a person such as a broker, loan agent, realtor, or with a personal experience in the same feild. Thanks so much!