Mortage & Bad Credit

[Mich_klh]

What is the name of your state? Michigan

I am posting this for my sister who lives in the Upper Peninsula of Michigan. She does not have a computer.

My sister is looking to become a first time homebuyer, and was wondering how difficult it is to get a mortgage if you do not have perfect credit?

Here is her situation.

My sister lives in the Upper Peninsula, and will be receiving an inheritance soon. She intends to put $25,000 as a down payment on a home. But she wants to move back to Lower Michigan.

She does not currently have a job, but will be looking as soon as she and her husband move down.

She currently has about four collection accounts on her credit report, all accounts are very small amounts, and will be paid off before she buys a house.

Is is possible for her to still get approved for a mortgage with these blemishes on her report, and not having a job right away when she moves down?

Sorry if this is in any way confusing. I appreciate any responses.

Thanks in advance from my sister and myself!
Mich_klh

[Veronica1228]

Originally Posted by Mich_klh

What is the name of your state? Michigan

I am posting this for my sister who lives in the Upper Peninsula of Michigan. She does not have a computer.

My sister is looking to become a first time homebuyer, and was wondering how difficult it is to get a mortgage if you do not have perfect credit?

Here is her situation.

My sister lives in the Upper Peninsula, and will be receiving an inheritance soon. She intends to put $25,000 as a down payment on a home. But she wants to move back to Lower Michigan.

She does not currently have a job, but will be looking as soon as she and her husband move down.

She currently has about four collection accounts on her credit report, all accounts are very small amounts, and will be paid off before she buys a house.

Is is possible for her to still get approved for a mortgage with these blemishes on her report, and not having a job right away when she moves down?

Sorry if this is in any way confusing. I appreciate any responses.

Thanks in advance from my sister and myself!
Mich_klh

This is a legal site and not really for credit counseling, but I have to tell you that there is no way she would be approved for a mortgage without some source of income. One of the things they will be looking at is DTI (Debt to Income Ratio). With no income there will be no way she will get a loan. She needs to get a job first.

Where is the husband in this picture? Are the home and mortgage going to be in both names?

[Mich_klh]

Sorry about that - I've posted here before, but sometimes I forget that this is a 'legal' advice forum. Thank you for reminding me.

I will look elsewhere for advice.

[Veronica1228]

Originally Posted by Mich_klh

Sorry about that - I've posted here before, but sometimes I forget that this is a 'legal' advice forum. Thank you for reminding me.

I will look elsewhere for advice.

Well, I was going to try and help anyway, but if that's the way you feel then so be it.

Have a nice day.