First, I am not going to 'sell you' on a mortgage company or broker you 'must' contact. I get a sense at this stage you are in search of a bottom line answer and I'm a bottom line realtor.
As a real estate professional who is asked exactly what you've asked, multiple times a year, I will give you a basic answer to get you started in the right direction.
You have good credit - great providing your score is a minimum 640 you're in good shape.
Your husband does not - how bad is bad is my first question to you, i.e. how far below 640 is his credit score? Surprisingly, it can take a year or more to bring up a score or as quickly as a few months depending upon what is dragging the score down. Here is where a mortgage lender can be of service - a good one will actually help/direct you in how you go about approaching the three major credit reporting agencies, dispute erroneous reporting to your credit report, and how to clean it up as quickly as is possible.
From a lender perspective, your score and your income would be used for your mortgage application as it now stands. If your income alone qualifies you for a mortgage then you're good to go. If however, you need to factor in your husbands income, then you must get his score/credit to the above stated range. It has been my experience that 640 is bare minimum acceptable though there may be a few lenders who will accept a few points less. Additionally, the prime low rates go to the higher-end credit scores so if credit scores are minimum levels, no doubt your interest rate for your loan will be higher which equals a higher payment and translates into less purchasing power since you will qualify for less. Also, when purchasing watch out for the annual taxes on the properties. They represent 1/12th of your monthly payment and if too high, can disqualify you from a particular home.
I know it's a lot to digest and believe it or not, I have given you the 'condensed version"! Feel free to contact me and I'd be happy to point you in all of the correct directions.
Good luck in your home search!
Allied Credit Solutions is a Credit Service Organization and we help restore credit, as well as, educate our clients to help them achieve their dream of becoming a homeowner.
Credit Restoration is 100% legal (see FCRA regulations below).
â€¢ 180 days or less (with first set of results in approx. 45 days)
â€¢ We investigate directly with your creditors, collection companies, and all applicable
court offices (if necessary) (no disputes with credit bureaus)
â€¢ 100% money back guarantee (No Results â€“ No Charge)
â€¢ We investigate Public Records
â€¢ 60% to 85% overall average of permanent success rate!!
â€¢ Licensed, Bonded, and Registered with the State
Call or email me for a free consultation
National Account Manager
Allied Credit Solutions
800 901-8122 ext 211
KNOW YOUR RIGHTS!
The Fair Credit Reporting Act states:
Consumer reporting companies must investigate the items you question within 30 days. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the consumer reporting company, it is required to investigate, review the relevant information, and report the results back to the consumer reporting company. If this investigation reveals that the disputed information is inaccurate, the information provider has to notify the nationwide consumer reporting companies so they can correct it in your file.
When the investigation is complete, the consumer reporting company must give you the results in writing, too, and a free copy of your report if the dispute results in a change. If an item is changed or deleted, the consumer reporting company is not permitted to put the disputed information back in your file unless the information provider verifies that it is accurate and complete.
It is fun to dream and start doing the research necessary to feel confident you are doing it right! Both you and your husband could sit down with me and do a detailed evaluation of your financial story. There are several scenarios that might still work for you even if your husband's credit is not stellar. It is difficult to make general statements because loan qualifications depends on many other factors besides your credit scores. When can we meet so I can know more about your situation? Homes@RuthParker.net