HML or not?

I just made an offer on house and I want to look into more financing options. The numbers are as follows.

REO asking 93,500
Offering 85,000
Estimated cost of repairs 12,000
Comps for similar house on same street 136,000-165,000

I have been pre qualified for a HLM. My credit is poor but I have low debt to income and provable income. My wife’s credit is excellent but has our house under her name and moderate debt with no recorded income. (she gets paid under the table)

I can make it work with a HML, but at significant cost. Is there a type of loan where I can use my wife’s credit to get a better rate? If so anyone recommend a lenmder for the MI area?

There are a multitude of conforming programs available. The availability/eligibility of each is contingent upon your credit scores. It would appear that your wife has the higher scores so she would need to be the one to apply

You are going to need to find a 100% NIV (No Income Verification) type loan and/or, depending on your assets, a 100% NINA (No Income/No Asset) type of loan. There are lender’s that will offer these programs down to a mid score of 620, sometimes lower.

In most cases the conforming loans will close a little quicker than the hard money and of course carry a better rate.

Hello Baloo, I’m not sure if I have answered a post for you before but, you always go with a traditional lender first and a HML as a last resort. I always give this advice.

I know that traditional lenders are always perfered to HML, I just wasnt sure what type of loan program to look for. Weather it was better in my situation to try one of the national banks, a local credit union, or a broker.

I have since been reading about no doc loans and stated loans. I am not sure which would be best for our situation or if there are other programs I should be looking for.

Thanks for your input, I appriciate the support.