Posted on: 06th May, 2009 07:56 pm
My husband and I would like to buy a house but we don't think we can get a mortgage. His credit score is a 575 and mine is a 650. The problem is he is the one with the job. I am a stay at home mother. I do make some income but it is cash from baby sitting, and doing nails on the side. Is there any mortgage we can qualify for?
there is a USDA loan program that could be a solution for you & your husband. this program has income limits as well as property eligibility. what city are you looking to buy?
Hi littlebugs,
You can jointly apply for the loan. You can contact the lenders and check out if they can consider your husband's income and your credit score to give you a loan. You can even ask your husband to improve his credit score and make it at least 620 so that he can qualify for FHA loans. To know more about improving credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
You can speak to the lenders of this community and get a no obligation free mortgage consultation. This will let you know whether you would qualify for a loan or not.
You can jointly apply for the loan. You can contact the lenders and check out if they can consider your husband's income and your credit score to give you a loan. You can even ask your husband to improve his credit score and make it at least 620 so that he can qualify for FHA loans. To know more about improving credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
You can speak to the lenders of this community and get a no obligation free mortgage consultation. This will let you know whether you would qualify for a loan or not.
no doubt, your husband is going to have to work hard to get his score up to the minimum level to allow the two of you to make a purchase. it's not that difficult, if you have your hearts in it.
check in with a lender who can view your credit, review it with you and give you some pointers on how to best enhance your chances.
check in with a lender who can view your credit, review it with you and give you some pointers on how to best enhance your chances.
Thank you for your answers. We live in NY on Long Island. Our landlord just put our house up for sale and we really want to buy it. We are just afraid that our credit is going to stand in our way. The past year we have been doing things to repair our credit. But it seems to take so long for it to show up on our credit report. I would love it if someone could tell us who to talk to about helping us make our dreams come true!
Yes it would benefit you the most to get your husbands credit score up to bar and then go out and search for a loan. 620 min score for FHA loan which would be great for the 2 of you.
All you have low credit, But if all jointly apply for mortage theen might be you will get .OR if your husband will up then definetly on his name you will qualify....
There are lot off plan in market offering mortage on low credit. So try to investigate for that.
Thanks
Hari
There are lot off plan in market offering mortage on low credit. So try to investigate for that.
Thanks
Hari
5little - i apologize for the gibberish you've seen here.
please keep in mind that your husband's score is too low at this time. you need to sit down with a lender or someone sympathetic who can review your credit reports with you and give you pointers on how to boost his score to the level required. at the same time, don't sit on your own laurels, but try to continue to boost your own score as well.
usda loans are for rural areas - there's no rural area on long island that i'm aware of, so forget that type of loan. the best alternative is fha, but here again, you're looking at a minimum score of 620.
without knowing what constitutes your husband's score of 575, i'm going to guess that it will take a few months, at the least, to get him to the point where you need the score to be. the first and most important thing to do is to sit down with someone who can help you navigate through the paths to improvement.
please keep in mind that your husband's score is too low at this time. you need to sit down with a lender or someone sympathetic who can review your credit reports with you and give you pointers on how to boost his score to the level required. at the same time, don't sit on your own laurels, but try to continue to boost your own score as well.
usda loans are for rural areas - there's no rural area on long island that i'm aware of, so forget that type of loan. the best alternative is fha, but here again, you're looking at a minimum score of 620.
without knowing what constitutes your husband's score of 575, i'm going to guess that it will take a few months, at the least, to get him to the point where you need the score to be. the first and most important thing to do is to sit down with someone who can help you navigate through the paths to improvement.