I read a few post somewhere that some have used their EIN to establish a new credit file and to obtain a mortgage. Is this possible and legal?
very possible and highly legal!
Okay, well my husband has obtained an EIN number. I am in the process of building his credit file. My question is, I was told that I would not recieve the tax benefits of owning a house if I was to use the EIN number on the mortgage application. Can you explain the process more fully to me? (reoconsultants) and anyone else that knows how this is done. This is for a primary residence, not investment purposes
What is your reason for doing this?
My husband has bad credit. We went to look a home that I wanted to be built. My income didnt qualify us. Even though my fico is 661. They wouldnt even look at him, because of his fico score. So I need to get his credit score up fast. he has to many blemishes on his credit report, and i dont think they will be removed, (mostly late payments, 3 collections) due to the fact that he is not responsible when it comes to paying his bills on time. I am just very frustrated because, It seems that i cannot realize my dream due to his credit issues. We can not use the different programs out there, because it is a construction loan (according to the builder) So that is the reason, I am asking about using his EIN# to get us the mortgage
If the credit score you have stated at 660 is correct, you can a construction loan at 5% down, with a stated income product. But all collections and charge offs must be settled. As far as the EIN# , you can’t create an EIN# just because you have bad credit. For you to use EIN#s, lenders still do require to see your SS# and credit report.
Absolutely correct. If you had a company and wanted to use them for investment purposes, it’s ok to establish a real company. You’d need a bank account and do your earnings reports.
I’ve seen where an EIN doesn’t really help anyway because lenders will often want you to personally back a loan if it’s a new business with little or no assets.