Credit Score in 85023>Question Details

saffirerebel, Home Buyer in Phoenix, AZ

Can I get a home loan if I am a homemaker?

Asked by saffirerebel, Phoenix, AZ Mon Feb 11, 2013

My credit score is a 661 and I am a homemaker since my husband works extreme hours I stay home to take care of the place we are renting and our pets. I was wondering can I get a home loan? My husband has a COE through the Military but he is getting the run around by some lenders because his credit score is a 604 or could we co apply with better results?

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Jeff Masich’s answer
Dear Saffire:

Not enough information here to answer your question. Your mortgate lender can tell you after you fill out your preliminary application. You will have to show your sources of income if you are borrowing.

IF you need lenders, just ask .

Jeff Masich, Realtor, GRI, MBA
HomeSmart Realty
http://ArizonaHomesLand.com
0 votes Thank Flag Link Mon Feb 11, 2013
Saffirerebel, with your husband being VA eligible, and with his scores not looking so great, then VA financing is probably the loan program you want to go with particularly if you have no or a low down payment.

Saffirerebel, Dave Jackson & David Rider - you might all want to check out a lender by the name of First Mortgage Corporation. They are located here in California but also lend in Arizona. They have a VA loan program with no minimum FICO score requirement however they require no derogatory credit within the past 12 months & no open collections. Rates obviously aren't as good as with a 620+ credit score but it's definitely a good option to have in your arsenal. Good luck out there.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
1 vote Thank Flag Link Mon Feb 11, 2013
HI Shane, there are lenders that will do that loan with a score below 620 however, I have found that the restrictions and rates for the client normally justify looking at how to improve the credit score first..
Flag Tue Feb 12, 2013
It is the income not the position. If there is a documentable source of income that wil continue it is usable. If there is no income as a home maker this won't work to qualify for a home loan. A spouses income can be used, however the credit has to be used as well.

Underwriting will use the lowest middle score. A spouses high score will not be used to off set the other spouses low score. The low middle score will stand on it's own for underwriting purposes.

With a 604 score the only loan product I have is FHA and at that score it is highly restrictive as in additional requirements needed above a FHA loan for a client that has a 640 or higher score.

Dave Jackson
Loan Officer/Real Estate Asset Planner
Financing Solutions for Arizona Real Estate since 1993
American Financial Lending, Inc.
20860 N. Tatum Blvd, Suite 160
Phoenix, AZ 85050-4277
602 277-3800 w
602 631-9788 f
602 524-2401 c
602 912-9438 h
davej@aflhomeloans.com http://www.aflhomeloans.com
BK # 0910057 NMLS LO ID # 284875
1 vote Thank Flag Link Mon Feb 11, 2013
Lenders who do VA loans typically require a 640 credit score. If I am not mistaken, his credit score will be used not yours. But I may be mistaken as I haven't brokered a loan in a while. If you would like free help to boost his credit please visit my blog here on Trulia, or go to our website.

Best of Luck & Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
https://www.facebook.com/EverlastingCR?ref=hl
0 votes Thank Flag Link Tue Jun 11, 2013
Contact a lender. I can supply you with the contact for a great one.
Contact me if you would life her contact info.




Ryan Buckley Realtor®
Turning your Dream into an Address
Coldwell Banker Residential Brokerage
480-440-4541
ryan.buckley@azmoves.com
http://www.liveinscottsdale.com
http://www.facebook.com/rcoldwellbanker
twitter @rcoldwellbanker
0 votes Thank Flag Link Mon Feb 11, 2013
Good morning saffirerebel,

First, please let me say, "THANK YOU!" to your husband for his Service to our Nation!

Next: While VA Lending tends to be more "liberal" in guidelines for Veterans, that credit score seems to be the sticking point in your qualifying for a VA Guaranteed Mortgage Loans.

While your score appears to be acceptable for most VA Approved Lenders today, we all go by the LOWER scored Applicant; therefore your husband's score is preventing you from qualifying.

Here's what I suggest:

1. Spend a few minutes educating yourself about how to improve your husband's credit scores. I say this because clearly you're not getting proper guidance from the mortgage professionals you're encountering. Depending on the severity of the problems on your husband's credit report, you may be able to increase his scores in a reasonable amount of time.

Here are some links to the best internet resources I've found about Credit:

Federal Trade Commission advice on credit repair: http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

MyFICO education about how credit scores are calculated:
http://www.myfico.com/CreditEducation/articles/

Get your FREE annual credit report to correct errors:
https://www.annualcreditreport.com/cra/index.jsp

Consumer Action, the BEST non-profit Consumer Advocacy group about Credit:
http://www.consumer-action.org/

2. Identify a Local Mortgage Banker who is both experienced (at least 15 years) and Approved for VA Lending. Mortgage Bankers will provide a substantially higher quality of service than a regular bank. You can find Local Mortgage Bankers on the VA website: https://vip.vba.va.gov/SiteDown/siteDown.html

You can verify the License of your Loan Originator and her experience level on the NMLS Consumer Access website: http://www.nmlsconsumeraccess.org/

A great Mortgage Banker will insist on meeting you in person to perform the Prequalification. Even if you're not qualified, the experienced Mortgage Banker can guide you on the steps necessary to improve your husband's credit so you can become a Homeowner in the future.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Mon Feb 11, 2013
There are so many variables and products out there that we can't give you justice on a public forum. I would as many other suggest, you speak to a lender one to one to see what options you have and to also make a plan to achieve your goals. My preferred lender is very good at VA, FHA and conventional. He is also great and explaining everything so you can make the right decision for your family.
0 votes Thank Flag Link Mon Feb 11, 2013
Easy answer, get husband score up to 620 though we will look at loans below 620 on a case by case basis.

David Rider (200787)
CMG Mortgage
480-788-9221
0 votes Thank Flag Link Mon Feb 11, 2013
It sounds as if your husbands credit score is really the main issue stopping you from being a homeowner. Why don't we bring his score up and then we will have choices?

We have some great lenders that understand credit and can provide the tools to fix his credit.

Lets start now, some solutions are pretty fast.
0 votes Thank Flag Link Mon Feb 11, 2013
You should talk to several different lenders and have them give you a very specific reason as to why they cannot process the loan for you. Also, you can ask the lender to give you action items or things that you can do to help in correcting the situation. My clients have used several excellent lenders in the past and I can give you their information if that will help.
0 votes Thank Flag Link Mon Feb 11, 2013
This question is outside of a Realtors scope of work, and is best addressed with a lender. Peter Bartolini at Prime Lending (480-538-4953) will be happy to answer all your questions and help. I’ve see him help many people with unique circumstances.
0 votes Thank Flag Link Mon Feb 11, 2013
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