First Time Homebuyer

suppastar77 · #1 (**permalink**) 01-09-2007, 10:01 AM

Hi all it's been awhile since I posted, so here I go.

Loan Scenario:

I'm trying to find out which of the two borrowers to go with, out of a husband and wife.

195K Purchase Price, Putting 3K down, SFR

Husband: 594 FICO, Wage Earner at job for 2 yrs 6 mo
Wife: 643 FICO, SE for 5 months

I need SISA as well to add to the dilemma.

Thanks in advance for any help you can offer

GLOAT · #2 (**permalink**) 01-10-2007, 11:31 AM

If wife has the trades, NINA

suppastar77 · #3 (**permalink**) 01-10-2007, 11:33 AM

Quote:

Originally Posted by GLOAT

If wife has the trades, NINA

Could you do a NINA with the wife?

GLOAT · #4 (**permalink**) 01-10-2007, 11:43 AM

I'm an L/O, so no I can't. but try First Guaranty Mortgage Corp.

Greg · #5 (**permalink**) 01-10-2007, 04:29 PM

You will be stuck at 95% on a NINA/No Doc at this score.

Select Score, as posted in the other thread, will likely not work because of the contribution to the total income. You will not have 1 yr bfs for Option One and no tax return to use (i think)

Did you try FHA? Do they dti with his income? I would ask her if she has a business license that is over 2 years old just in case.