I have a credit score of 705, my husbands is 492. Will they accept this for a mortgage?

Congratulations on your credit score. Unfortunately lenders will use your the lowest credit score of ALL borrowers to qualify. So in your case you would have to go it alone and with your income only.

walt i think it will not matter for good credit score

sunil, please have a clue... your post above is extremely misleading to someone who may think they now have hope. the poster cites a score of 492 for her husband. there is no way he will be allowed on a loan with a score that low.

Good luck - I'm in the same boat. More score is great, but my husbands is not. The bank looks at your debt-income ratio and with only one income, it may be hard to qualify. With my debt & income, I actually qualified, got my preapproval letter, had a contract, etc. I turned in my w-2s, paychk stubs, bank doc for past 3 mths. They said I was preapproved so they issued the appraisal. They are in the title search process now. I got a call from the bank the other day wanting a document stating child support will continue for at least 3 years. My husband isn't willing to sign the document (gets a little more complicated) because kids can change their mind at any time and if my son wants to live with him then he'd be lying. In a nutshell, they disqualified me because of lack of proof even though i can prove I've received the funds over the past year. The seller was already on the verge of foreclosing. The realtor is chking into banks and seeing if anything can be done. My advice to you... if you do get "preapproved"....ask them for every single document you need first (I'd given the bank everything they wanted from day one ....and now this comes up at the last minute).....GOOD LUCK TO YOU THOUGH! - Bobbie

He wouldn't sign the document...

bobbie you are so correct in your assertion that a prospective borrower should provide every document upfront. it's the kind of thing that will eliminate all conjecture and it will eliminate delays as well.

"kids change minds" is an awful way to get out of helping you. forgive me if that's a hard statement. all the lender wanted was a letter which would be based on expectations at this time. at this time, since the child had not changed his or her mind, the 3 year period would be reasonable, right?

sorry to hear you lost out (so far); i hope you'll find another lender to help you.

bobbie, you have rightly said that one must keep all the documents related to preapproved status also.

One thing is for very sure that if one is efficient in all these documets handling then it really becomes easy for one's financial as well as social life.

keep in touch........
:arrow: :arrow: :arrow:

social life????????

what kind of circles do you run in, manoj? people need mortgage preapproval to get dates? or to hang out with "the in crowd"?

this is new stuff to me.

hey, so finally 7 yrs have passed and any bad marks are off my credit report and the last yr my score went up from 602 to 705. bad part is i only make 45k a yr and my total debt is 3500. i don't know how much i could actually qualify for ???

Hi kboo,

You will have to contact your local lenders and get pre-approved for a home loan. Depending upon your financial situation and other required details, the lender will be able to let you know how much you would be able to borrow.

You can also check out the given calculator in order to find out how much you would be able to borrow:
http://www.mortgagefit.com/calculators/howmuch-borrow.html

Thanks

i have some experience here my husband was able to get us a home loan but with out me on it as my credit score was like 600 they did not use my income at all either they had me sign a quit claim deed at signing, but once you refinance you should be able to add him if you wanted to that is my experience any way