Home Buying in Franklinton>Question Details

Brittany, Home Buyer in Youngsville, NC

Can I use my credit, use husbands income?

Asked by Brittany, Youngsville, NC Mon Nov 7, 2011

If I am not working, can I use my credit and my husbands income to purchase a house? His credit isn't the best. I have the credit to do it, but no income. He would be my cosigner, so we would be using his income and credit, but my credit is higher.

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Answers

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Unfortuantly your husband would need to have the credit score to qualify. What is on your husbands credit? Is it old collections and/or medical bills? If so get those paid off and focus on getting his credit turned around and then consider buying a home. Having good credit will make you a stronger home buyer when the time comes!! Good Luck!
1 vote Thank Flag Link Mon Nov 7, 2011
Brittany,
If we use your husband's income then we must use his credit for qualification for a mortgage. We also use the lower mid FICO of the two applicants.
You and your husband should go to your local nonprofit housing group for credit counseling. They can advise you what you need to do to get your husband's credit scores higher.
1 vote Thank Flag Link Mon Nov 7, 2011
There are other factors besides credit that will determine mortgage qualification, therefore do visit with any licensed loan officer(s) for an accurate answer as it applies to you; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously....
1 vote Thank Flag Link Mon Nov 7, 2011
Brittany

All good answers. The North Carolina Housing Finance Agancy is a great place for credit councling

http://www.nchfa.com/

If I can help let me know. I am over in Wake Forest

Good Luck

Tom
0 votes Thank Flag Link Fri Nov 11, 2011
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