Financing in 72204>Question Details

Katrinaj-08, Other/Just Looking in 72204

if my husband has a good credit score of oer 700 adn my credit score is 573, can we get a good loan. or will he need to get the loan in his name?

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

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If your state is a community property state you may also have some issues, I suggest talk to a local mortgage broker. Your real estate agent probably know a few good lenders.
0 votes Thank Flag Link Thu Jun 9, 2011
as Shane said, it might be beneficial to speak with a credit counselor. I noticed you are in Little Rock. I'm just up the road in Cabot and know a gentleman that is great at getting credit restored. If you are interested in taking that route, please let me know.
Best of Luck,
0 votes Thank Flag Link Wed Jun 8, 2011
Hi, Katrinaj-08. Short answer: You both would be better served if your husband got the mortgage solely in his name. If possession is a consideration, you can always be added to the deed/title after you close.
0 votes Thank Flag Link Tue Jun 7, 2011
If your husband has enough income to purchase on his own name, I would suggest that. Your score will still allow you to get a mortgage if you do not have any non medical collections or any judgments. You will be dinged for your score and that is why it probably be best to just put the mortgage under your husband. You can still be on the deed, so that you are protected.
0 votes Thank Flag Link Tue Jun 7, 2011
It's possible, but may be tough, to get a loan with a 573 score. What is on your credit that is bringing it down to a 573 score is equally as important as the score itself. Speaking to a credit counselor (not to be confused with consumer credit counseling debt consolidation programs) can help you with advice on how to build your scores back up and also how to deal with any past negative items that are incorrectly reporting. I am not a "credit specialist", but I can point you in the right direction if you'd like.

Have you run any numbers to determine if your husband's income can qualify for the price range of homes you'd be interested in buying? With a 700 score your options open up quite a bit.

If you choose to eventually proceed with just your husband, keep in mind with pretty much all loan programs you are still permitted to be on the title of the home, so if that was a concern, you'd have no "ownership", then it's a non-issue with most lenders (it's always a good idea to ask anyway).
0 votes Thank Flag Link Tue Jun 7, 2011
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