For Mortgage and Loan professionals: Loan Questions?

Alright, I make 65,000 a year. I found the house I want to get at 149,000. Needs no work. I’m prequalified up to 200,000. Now, the problem is, I’m 20 years old and don’t have established credit. I only have one credit card and I’ve only been paying it for 3 months now. My father has agreed to co-sign with me. He has a credit score of 930. So my first question is, could I use his score to get qualified for a loan? (Him being the primary signer, and me being the secondary or co-signer) Secondly, I looked into the FHA loan and cannot get one without me having credit as well. Is there ANY kind of loan (besides setting it as non-owner occupied through my father, which will only finance 80%) that I can get? I’ve fallen in love with this house.

Please let me know.

By the way i can only afford to put 10% down right now.
To the “Know-it-all” down there… The highest FICO score you can have is 850. The highest VantageScore is 990.

Register New Account
Reset Password