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Can I get a mortgage loan based on income and not credit score?

I can easily afford a mortgage, I have been employed at the same company for 15 years, and I always pay my bills on time. The problem is, I co-signed some student loans for my daughter a few years ago and they are now in default. I was not aware of the default until just recently. Also, I lost my house three years ago because after I separated from my husband, he lived in the house and didn't pay the mortgage for over a year. These things have really hurt my credit score, but they were not my fault. I would like to know if there are any lenders out there who consider a person's income, employment history, and situation instead of just their credit score.

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  • DEBS
    Lv 7
    7 years ago
    Favorite Answer

    How are these not your fault? You have loans out in your name, you didn't monitor them, and they didn't get paid. Seems pretty simple to me. Lenders will see it this way as well. You made a promise to pay. You didn't pay. It's black and white and why credit agencies exist.

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  • 7 years ago

    The short answer is no. You will need to clean up your credit because mortgage lenders require good credit. Your daughters delinquent student loans need to be brought current or paid off; I suggest you get your daughter to cooperate. Usually you must wait seven years after a foreclosure to apply for another mortgage loan.

    There are private lenders who will make loans based solely on equity, but they are very expensive and come with high rates.

    Source(s): Private lender
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  • Anonymous
    4 years ago

    The amount you are approved for has more to do with your revenue (as a rule, your monthly loan fee isn't greater than 28% of your gross month-to-month income - your income before taxes, insurance, and many others are taken out). Now, whether or not or no longer you get approved and the interest rate you're accepted for will most often be headquartered more in your credit historical past/rating/rating. I'd ask your loan officer for advice, however my assumption would be the following: If the mortgage you're looking for is not more than 28% of his gross month-to-month earnings, i'd just stick his name on it. If you'll be able to need both of your earnings's to get the loan at or below 28% of gross earnings, then stick yours on there too.

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  • 7 years ago

    Do you have 30% or more for a downpayment?

    If you don't, there is no way you are going to be getting a mortgage loan.

    If you do, why aren't you paying the outstanding bills, especially the student loans?

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  • Pat
    Lv 7
    7 years ago

    You can write a letter to the credit agencies, explaining the situation.

    it might help.

    It's not YOUR choice what the lenders consider.

    See folks.

    THIS is why our schools need to teach financial literacy and life skills.

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  • Sudz
    Lv 5
    7 years ago

    No. "Borrowers who are delinquent on any federal debt, such as tax liens, student loans, etc., are not eligible."

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