Posted on: 09th Jun, 2009 01:45 pm
Good day.
I have been married for almost a year. My credit is approximately a 700 by one credit bureau, and 736 by another. I have one blemish on my credit history, regarding a credit card payment the credit card company claims I didn't make upon closing that card. While I've disputed it multiple times, I will be paying it soon, just to get it off of my record.
My husband, however, has a bankruptcy on his record, from just over 3 years ago. Since then, he also accumulated medical debt (currently in collections) which totals approximately $2,000. We are saving money to pay that off as we speak. Needless to say, his credit is is pretty poor. We do not know what his current credit score is.
What options do we have for a mortgage? Should we even get our hopes up? Subprime mortgages are not options for us.
Thanks for your help.
I have been married for almost a year. My credit is approximately a 700 by one credit bureau, and 736 by another. I have one blemish on my credit history, regarding a credit card payment the credit card company claims I didn't make upon closing that card. While I've disputed it multiple times, I will be paying it soon, just to get it off of my record.
My husband, however, has a bankruptcy on his record, from just over 3 years ago. Since then, he also accumulated medical debt (currently in collections) which totals approximately $2,000. We are saving money to pay that off as we speak. Needless to say, his credit is is pretty poor. We do not know what his current credit score is.
What options do we have for a mortgage? Should we even get our hopes up? Subprime mortgages are not options for us.
Thanks for your help.
couple more things...our adjusted income on our 2008 tax returns was approximately $52,000. our income is steady.
my husband has a car loan in his and my name, which is reporting on time every month. he also has a credit card being paid on time every month.
my husband has a car loan in his and my name, which is reporting on time every month. he also has a credit card being paid on time every month.
First time buyers
Welcoem to the forum.
You can try and see if your incoem alone can help you to apply for loan and buy a house.
Also you can help your husband to improve his credit by paying off some of the items which are on collection and makign payments on the current loan/credit cards on time.
Probably you cna look at the option of goign with FHA loan which requires a minimum of 620 score and a down payment of 3.5% down payment with MIP or PMI.
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Welcoem to the forum.
You can try and see if your incoem alone can help you to apply for loan and buy a house.
Also you can help your husband to improve his credit by paying off some of the items which are on collection and makign payments on the current loan/credit cards on time.
Probably you cna look at the option of goign with FHA loan which requires a minimum of 620 score and a down payment of 3.5% down payment with MIP or PMI.
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
you will often find that underwriters will not grant credit to previously bankrupt borrowers who have encountered further difficulties post-bankruptcy.
the standard is that we lenders want to see that someone has re-established good credit standing, and collections, etc. that occur after a bankruptcy are just the opposite.
in this case, you may need to borrow all by yourself, first time.
the standard is that we lenders want to see that someone has re-established good credit standing, and collections, etc. that occur after a bankruptcy are just the opposite.
in this case, you may need to borrow all by yourself, first time.
