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Joint Mortgage

by Danette
(Toms River NJ )



My husband and I have recently separated. I'm not on the mortgage loan due to when we refinanced, my credit score was too low. We haven't paid the mortgage since Oct, 2011.

He has moved out of the house and I am going to need a place to live. This house will be going into foreclosure and I tried to modify but my lender told me I did not qualify.

My sister and I would like to purchase a home together. My credit score the last time I checked was around 630.

My sister on the other hand has a lower score. Is there a way we could purchase a home together with our income joined together?

=====ANSWERS=====

Hello Danette;

Thank you for placing your confidence in me and asking your questions here in my blog.

Sorry to hear your marriage is coming to an end.

Since you are not on the mortgage, he will be the person who ends up with the foreclosure on his credit. This is not a good thing for a persons credit score.

However, if I'm understanding your situation correctly, you have already tried to get your own mortgage and save the house. You must not have qualified for your own mortgage because of a lack of income. So this must be the reason why you want your sister to go on a mortgage with you.

Your credit score of 630 should be good enough for an FHA home loan. Most of the time, you can get the maximum LTV (96.5%) loan with a score of 580-620.

Sometimes a person with a score from 500 to 579 can get a FHA mortgage with a 10% down payment. Usually this requires an underwriter exception. Each mortgage is judged based on its own merit.

So if your sister falls into this category, it may be worth applying for a FHA home loan.

Hopefully you find this helpful. I also urge you to keep in mind, if you go on a mortgage with someone and you end up having to go separate ways, the only way out of the mortgage is to sell the house or refinance it on your own.

Kind Regards,

Jeff Ragan


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