Pam Mills, Home Buyer in Cleveland, OH

Husband credit score 622/650/619 - can we buy? See below

Asked by Pam Mills, Cleveland, OH Tue Jul 2, 2013

Husband and wife want to purchase a home. He is a contractor (verifiable income approx $5500mo) and mine, approx $2500 mo. Problem...... I work for governmental agency, good secure position. BAD CREDIT. He is self-employed, great income, decent credit, but 2013 will be first year he files taxes.

can someone please tell me how we can purchase our first home. We are thinking of getting into a rent to Own since we believe husband will qualify in two years after filing taxes 2013 and 2014. can someone tell me if my income can be included as income when we purchase without using my credit? Or should I try to clean up $18000 in debt that was from my EX, in order to purchase since I can show income.

Help the community by answering this question:


The challenge is not the score, but the income. For self-employed, there is a minimum of 2 years of tax returns required to average the income.

You can try to clean up your debt, since this would be a wise move in the long-run for you anyway. But to answer your question, you cannot include your income but exclude your credit.

The only other option would be for your husband to find a co-signor who is an immediate family member of his or yours. They would need to have high income and low debt. They would, however, be liable on the mortgage debt and need to be aware of that.

You may contact me on here to discuss further, or you can call me at 440-320-5959.

0 votes Thank Flag Link Tue Jul 2, 2013
Rent to own would be a good option. I would also look at Lease-option. They are similar, but with a recorded lease-option, you can treat it as a refinance instead of a purchase after the 2 years (so any equity built up is yours, and you may need less of a down payment). I would consult a real estate attorney to review either of those. I can put you in touch with one if you need that.
0 votes Thank Flag Link Tue Jul 2, 2013

This is a detailed question and it will need to be talked over. There are many variables and different things to look at to see if you qualify. I work with someone who can do FHA with a 620 credit score.

Please contact me and we can go over your situation and see if you qualify. If the guy I work with can't do it, I don't know if anyone can. Look forward to hopefully talking with you soon.

Cecilia Sherrard
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0 votes Thank Flag Link Tue Jul 2, 2013
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