Home Buying in Dallas>Question Details

Antonioaguil…, Home Buyer in New York, NY

Any advice, I have good credit wife does not.?

Asked by Antonioaguilera11, New York, NY Wed Dec 26, 2012

We are looking to purchase a home for the first time. I don't make as much as her but I'm the one with the good credit. What are some options for us. We rent in Dallas Tx and are looking for homes outside of Dallas.

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Monica Pineda’s answer
I would not suggest using a hard money lender to purchase your first home unless you don't mind paying a lot more than a standard loan.. the interest rates are WAY higher. There are plenty of mortgage companies out there who will help you determine what you need to do in order to get a loan that is right for you. I have a few referrals of lenders who work with people with low credit, if you would like to speak with them. Feel free to contact me for information on where to start and what you can expect!
1 vote Thank Flag Link Wed Dec 26, 2012
If you don't use her credit, you cannot use her income to qualify. If you go FHA, you will have to include her debts in your DTI. If you go conventional, you can probably do it but just cannot use her income to qualify for LTV. If you want other options, there are hard money lenders who lend you from their own funds, and you can find some of them by looking to your local real estate investment clubs. You can also find some hard money lenders by going to your Self-Directed IRA folks like http://questira.com/ since they network with local real estate investors.
1 vote Thank Flag Link Wed Dec 26, 2012
Start on fixing your credit asap... there are so many companies out there now a days that can assist you. Also, ask your mortgage professional if they can help or have a company that they prefer...
0 votes Thank Flag Link Fri Dec 28, 2012
Lenders will use the lower (middle) score of the borrowers. So if she has the lowers score and you need her income to qualify, then the rate will be based upon her score. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business for 25 years. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. I lend in TX.

Bart Gabe


800 315 8803

NMLS# 20743 - my licensing information

http://www.nmlsconsumeraccess.org/ - link to look up my license number
0 votes Thank Flag Link Thu Dec 27, 2012
Call me I can Help you ♥♥ Regards ♥♥

☎ 972-897-5718
0 votes Thank Flag Link Thu Dec 27, 2012
The first thing anyone should do before seriously looking for a home to buy is get with a good mortgage broker/lender. A real estate agent can help find a few for you. The mortgage broker can tell you how much money you can qualify for to borrow and "arm" you with a pre-approval or pre-qualification letter for you to use when submittting offers on a home. Also, any credit report "bumps or dings" you may have a good mortage broker can tell you how to mitigate and improve your credit score, thus possibly qualifying you for a lower interest rate which translates to more home or less monthly payment.
0 votes Thank Flag Link Wed Dec 26, 2012
Meet with a local and trusted loan officer who can look at yours and both or your credit and tell you what is available and the cost of each so you can shoose what is better fo your case.
0 votes Thank Flag Link Wed Dec 26, 2012
An experienced lender is the place to start.
They will look at the situation & offer guidance and a plan.

Elizabeth Morgan
Fathom Realtor
0 votes Thank Flag Link Wed Dec 26, 2012
Talk to an experienced lender in your area. They will look at your situation and let you know what all of your options are. It will depend on what exactly her credit is and how your debt-to-income ratios stack up. If you cannot purchase the home you are looking for now, the lender will let you know what your next steps should be.

Good luck!
0 votes Thank Flag Link Wed Dec 26, 2012
First, it would depend on "how bad" your wife's credit is. If you are talking a score in the 400's, then she is probably going to be out of luck until issues driving the score "age" or get resolved. If this is the case, I would work on developing a plan to build that score back up.

If her score is in the low 600's, you might have some options - however I would call a mortgage broker to see what they are.

If you applied for a loan, they would unfortunately default to the lower credit score when qualifying you. So, if your score is good - I would see what you qualify for on your own, using your income/score solely. You obviously won't have as much purchasing power, however.
0 votes Thank Flag Link Wed Dec 26, 2012
Check with any lender of your choice first. Then you will know for sure where you stand.

Turtle Creek Realty
0 votes Thank Flag Link Wed Dec 26, 2012
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