Posted on: 12th Mar, 2013 12:38 am
My wife and I are looking to buy our first home. We're both full time college students but I also work full time making around 40k/year. My credit score is somewhere around 600. My wife has no credit and lots of medical bills unpaid on her credit. Is it realistic for us to be home searching? We don't have any outstanding debt outside of student loans and a new car we're financing.
From the details that you have stated here, it seems that though you may qualify for a loan, your wife won't. Nevertheless, it will be better if you could speak to the local lenders and apply for a loan. The lenders will look into your whole financial situation and let you know whether or not you can get a mortgage.
Keep in mind that on FHA, they will require to see your spouses credit also. Even though she may not go on the loan, if you live in a community property state, then the lender will want her credit too, so take those debts into consideration.
Chances are there that you may qualify for an FHA loan. But your wife does not have any chance to get approved for any loan. You can look out for an FHA loan. But, you should also put in efforts to improve your credit score.