Posted on: 22nd May, 2010 10:47 pm
hi. My husband and I would like to buy our first home. We were planning on trying for an FHA loan. he has good credit (high 700's) and I have poor credit (575-625) We were planning on only using his credit score and income to try for loan (because of my bad credit) but were told for an FHA they will need to consider my credit score as well. Is that true? If it is true, is there a minimum credit score to be eligible for an FHA? Do you think we will be able to get a loan with my poor credit score? I know that many factors will affect this but, to give you a little more info, we have no debt (all credit cards paid off) and we plan to put at least 5% down. Any thoughts or help would be appreciated.
Welcome jaimelee,
I haven't heard that it's mandatory for the lender to consider the credit score of both the spouses for a FHA loan. In case of a FHA loan, the lender may want you to have a score of 620. As you have the required score, I don't think it will be difficult for both of you to get a mortgage.
I haven't heard that it's mandatory for the lender to consider the credit score of both the spouses for a FHA loan. In case of a FHA loan, the lender may want you to have a score of 620. As you have the required score, I don't think it will be difficult for both of you to get a mortgage.