Posted on: 04th Jul, 2010 09:07 am
I have a credit score of 587 and my husband does not have enough lines of credit to receive a loan for our first home on our own,however, we have $30,000 to put down on a condo that is selling for 120,000.Our income is around 70,000 a year(we have 1 credit card payment and car loan we pay on time every month also).My mom who has PERFECT credit is willing to cosign on this home for us as well. Would we be able to get any type of loan?
FHA loans take all borrowers credit into consideration, it's not like an auto loan where a co-signers great credit history can qualify them for the best terms. There are lenders who will do FHA lending with a 580 credit score provided that your credit history over the past 24 months is clean. For your husband who seems to be lacking credit history he can compile non-traditional trade lines by using on time payment history from utility accounts in his name and rent in his name.