Posted on: 27th Sep, 2012 01:28 am
Hello everyone!! I have been steadily employed for around 7 years. But have the worst possible credit (I guess). My score is 449 Eq. My wife however is not employed and has a credit score of 670 Eq. Would it be possible for us to get a mortgage?
With the credit situation that you have mentioned, it won't be possible for you to qualify for a loan. Moreover, your wife won't be able to get a loan as she doesn't have a job.
Your credit score is poor. As such, you will not be able to get a mortgage. Also, your wife will not be able to take out a mortgage since she is unemployed. In order to get the approval for a mortgage loan, make sure you boost your credit score before you speak with the lender.
Hello Suvvi,
Having a low credit score, a prospective loan provider would want some guarantee that you will be able to pay back your mortgage. A home loan involves a lengthier repayment period so you must present proof of a stable job to support your payment obligations on a long term basis.
:idea:
Having a low credit score, a prospective loan provider would want some guarantee that you will be able to pay back your mortgage. A home loan involves a lengthier repayment period so you must present proof of a stable job to support your payment obligations on a long term basis.
:idea:
The guest post has been answered by Kate Kelley