Credit Score in 72204>Question Details

Katrinaj-08, Other/Just Looking in 72204

if my husband has a credit score of over 700 and my score is 573/ can we still get a good loan.

Asked by Katrinaj-08, 72204 Tue Jun 7, 2011

we are wanting to buy a house and my credit is not so good and he has good credite. he is wanting to get preapproved for a loan. By us getting the house together will my credit stop us from doing so?

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Good Question with a Lawyer Kinda Answer . "IT DEPENDS" . Arkansas is a Sole and Separate Property State which means that You can Buy Property individually in Arkansas without Spouse on Title . His Credit Makes Him eligible for Many Loans including FHA , Rural Development , and Possibly VA if a Vet . With Down Payment Conventional loans Exist
Problem becomes if you are not on Title then Your Income can't be counted in the Analysis . So The Question to You Is ? Does He Make enough Income Alone to Qualify to Buy a Home . Always Lots Of Good Lenders in Our Area that Will Go Over the Details of Financing with You and Regardless of Whom you use as an Agent Always Best To Start with Lender. Hope This Help . Good Luck in your HomeFinding Process ---- Sully
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0 votes Thank Flag Link Tue Jun 7, 2011

We have information on first time homebuyers down payment assistance program that may help your family get into a home. Most likely you will have to rely on your husbands income and credit only. This program may give you some more options.
0 votes Thank Flag Link Tue Jun 7, 2011
Not necessarily, you should check with a loan officer. A lot of couples in this situation will only use the spouse with the best credit on the loan. This is not uncommon. Let me know if you have any other questions.

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0 votes Thank Flag Link Tue Jun 7, 2011
It is best to get a preapproval for a loan through a bank or motgage lender that can review your credit,income & work history and tell you the best path to take. In my experience most lenders look for a credit score at least in the 600 range so I'd suggest you apply for a loan just in your husbands name until you improve your credit score. Unfortunately if you are a 2 income household you will only be able to use his income to qualify for a loan if that is the route you choose which may mean that you will have to look for a home in a lower price range. If he does not make enough to find a home in your price range then wait & work on fixing your credit before you resume your home search.
0 votes Thank Flag Link Tue Jun 7, 2011
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