Posted on: 04th Jul, 2012 12:40 am
I’m a first time homebuyer and have just started off the process. I am doing this loan on my own since my husband was disabled, for the past year and a half. No income. Also his credit sucks. Since it's a community property state the lender said she needed to add him on. So we have his info as well. Maybe I should have waited to pay off my cards. My middle score is 633 that lender pulled. I have two paid collections from two years ago and one charge off that will fall off next year. So, we are meeting with MB today to do a letter to submit to MU. Is this process normal??? I thought that my husbands credit was not suppose to affect me and they only looked at any debts he may have(which he only has unpaid collections).
Hi kolvi,
If your husband is added to the mortgage, then his credit will be taken into consideration by the lender. This is a pretty normal process. Every lender will do the same. There is nothing wrong in it.
Take care
If your husband is added to the mortgage, then his credit will be taken into consideration by the lender. This is a pretty normal process. Every lender will do the same. There is nothing wrong in it.
Take care
Hi kolvi,
It will be better if your husband improves his credit and then both of you apply for a mortgage. This will help both of you to qualify for better rates and terms when you apply for a mortgage.
Thanks
It will be better if your husband improves his credit and then both of you apply for a mortgage. This will help both of you to qualify for better rates and terms when you apply for a mortgage.
Thanks
For FHA mortgages, non-purchasing spouse debts must be included in Borrower's qualifying ratios. A credit rpeort must be obtianed to do that. Credit HISTORY is not to be considered a reason for denial.
Judgments must be paid off.
Judgments must be paid off.
"As you have mentioned that your current score 633, not great but qualified for FHA home loans. The additional factor counts, 3.5% down payment, total number of late accounts etc. You have both payment options, as a monthly payment or small one-time payment at the loan closing."