How difficult will it be to get this mortage? Recent immigrant husband?
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The year will be 2010, the state will be Texas. Specifically San Antonio. We want to buy a duplex to be lived in by us and in-laws in the other half - not as a formal rental just as living with us sort of. If that matters.
Primary Applicant:
Good Credit, not excellent but very good
Only a few deliquencies 3 years prior. Credit was bad but has recovered
NO outstanding debts. No credit card balances, car loans, mortgage, NOTHING
Own cars outright, have 20,000 liquid assets (cash) for down payment & closing costs
Made 36,000 + for 2 years in previous state (California)
Has made around 30,000 for 6 months in new state (Texas) Job is stable
Spouse:
New credit, recent (legal) immigrant with new social security number
1 year of credit, nothing negative on credit report
No debts, loans, mortgages
Has made around 30k or 40k for 6 months now - Job is stable
How difficult will it be to get this mortage? Recent immigrant husband?Based on what you have stated, I don't see why it would be a problem purchasing a home here in Texas. One thing that does stand out though is that the primary borrower has no outstanding credit-ie no balances on credit cards, car payments etc. One thing that lenders will look for is your payment history. I would suggest using one of your credit cards on a monthly basis. Buy your gas or something small once a month, and allow the balance to carry over to the next month. As long as those payments are on time, this will strengthen your credit history.
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