Financing in Minneapolis>Question Details

Bluegirl, Home Buyer in California

Can you qualify for a mortgage if one spouse has a credit score of 716 and the other 515?

Asked by Bluegirl, California Sun Jun 17, 2012

The person with the lower score earns more money. There is money available to put a down payment on a home of about 5%-10%. We live in California (LA County)

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4
As long as the one with the lower score isn’t on the loan.

Word of caution, a credit score that low would indicate more than one problem, I would fix those before risking everything. Problems from the past have a way of rearing their ugly head when it is least affordable.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Jun 18, 2012
I would have to agree with Mike this is absolutely possible as co-borrowers. Will a lender maybe try to work on getting the lower credit score up? Probably, because the reasons behind that low credit score will effect underwriting.

If you are relocating to Minneapolis check out Charles (I have pasted his link below). He is right on Trulia and can help you.
0 votes Thank Flag Link Mon Jun 18, 2012
Absolutely! I am currently working with such clients. His score sucks and her score doesn't. She qualifies to purchase the home, he doesn't. She's buying it. So the short answer to your question is "YES".

However, there's more to getting loan approval than merely the credit score. The other big factor is the debt-to-income ratio.....and probably the debt-to-income ratio of the spouse with the higher credit score.

I can help you find a great mortgage person who will look at your specific situation and provide you with a number of options, involving a number of differing lenders. Call me for details by clicking the photo of that ugly guy near this post.
0 votes Thank Flag Link Sun Jun 17, 2012
You should speak to a loan officer specifically about this. 500 scores are low and most lenders generally won't approve mortgages with 500 range scoring; however, a lender/banker will best be able to answer that for you upon review of your full financial circumstances.
0 votes Thank Flag Link Sun Jun 17, 2012
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