Home Buying in El Paso>Question Details

grisavila, Home Owner in El Paso, TX

Husband and I want to sell existing home and buy new one. His credit score is lower. Can I purchase new home using just my name, and credit?

Asked by grisavila, El Paso, TX Sat Jan 5, 2013

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Alex Huereca’s answer
Yes you can, as long you don’t need his income to be approved. The best thing for you to do is to get in contact with a loan officer and have her/him explain to you what would be your best options. If only your income is going to be considered, then it is very possible that the loan amount will be lower than what it would be if both incomes are taken in consideration.
Please text, call or e-mail me if you need information on selling and buying real estate or just to give you information of loan officers in El Paso, Texas.
Good Luck!
Alex Huereca
Success Realty Inc.
0 votes Thank Flag Link Wed Jan 9, 2013
Good afternoon, this is a great question. What I would suggest is that you go and talk to a lender and then schedule an appointment with a realtor. I can recommend several lenders for you. Your first step would be to sit down with a lender so that they can see your overall income and credit and then go from there. You can use only your information, but you would also need them to tell you if you qualify for the loan before or after the sale of your home. your next step would be to see a realtor to help in pricing your home and giving you a timeframe as to how long it will take to sell. Be honest with the lender and explain to them your reasoning for using only your income. Some lenders with help you break down the credit report and show you what is needed to get you back on track. Feel free to contact me for more information on starting these begining steps to your next home.

Joann Garcia
The Real Estate Power House
Web Reference: http://yourelpasohomes.com
0 votes Thank Flag Link Sun Jan 6, 2013
I have had several clients who were able to purchase even though their spouse's credit score was not high. I strongly recommend contacting one of my preferred lenders who will be able to best run all the numbers and see what you do qualify for. If you would like her information feel free to email me or give me a call. She can typically tell you same day what you qualify for.

Ria Warner
Keller Williams Realty- El Paso
0 votes Thank Flag Link Sat Jan 5, 2013
Happy New Year ! Great question. You can most definitely purchase a home using just your credit scores. Unfortunately, the amount you qualify for will be calculated using only your income. You may also consider adding a co-signer to boost your Pre-approval amount. Because Texas is a community property state, both your name and your husbands name will appear on the Warranty Deed.

Feel free to contact me at your earliest convenience so I may review both the selling and buying process.

Warm regards,

Jorge Reyes
0 votes Thank Flag Link Sat Jan 5, 2013
Yes. As long as you don't need his income.... We do this all of the time.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
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0 votes Thank Flag Link Sat Jan 5, 2013
If you can qualify on your own with credit and income maybe. It depends on the situation. Give me a call lets talk about what you l want to do. Chris Rojas 915-443-3598
0 votes Thank Flag Link Sat Jan 5, 2013
Yes you can, although deed will be under both names,
Also, the proceeds on the selling of your existing home could help both to pay debt and probably increase credit scores.
0 votes Thank Flag Link Sat Jan 5, 2013
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