Home Buying in Bridgeport>Question Details

Natasha, Home Buyer in Bridgeport, CT

Is there a way to buy a house without using my spouses credit score?

Asked by Natasha, Bridgeport, CT Tue Sep 2, 2008

i want to buy a house. i am married and have fairly okay credit, my score with all 3 bureaus are between620-640. my husband has poor credit. is there a way we can buy a house in my name only but use his income as well as mine? i only work part time and he works a good full time job. this is the only thing holding us back from purchasing something. i am hoping to purchase something in feb. but not sure if we will qualify for much based on my income alone. i also wanted to know what it means when they say subject to third party approval?

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Save your money, clean up the credit score and within two years you will most likely be able to buy a house at a great price! And depending how well your credit score becomes you won't have the high intrest rates on a loan if you get approved today vs a clean & high 600- low 700 credit score. Could amount to $200 a month diffrence just on obtaing a better credit score. Also I belive home prices will continue to fall or at the very best fall slightly.
1 vote Thank Flag Link Wed Sep 3, 2008
If you need to use his income, then his credit will be in the mix, too. No way around it. But if he has stable, dependable income, that counts for quite a bit. Don't disqualify him or discount your chances based on your own perception of his credit. Leave that assessment to a qualified mortgage specialist. Maybe his credit problems can be explained satisfactorily, or maybe his credit can be improved sufficiently within your purchase timeframe.
1 vote Thank Flag Link Tue Sep 2, 2008
I think you should talk to a mortgage broker and see what he/she suggest. It could be tricky using your score but his income. A good mortgage broker will show you how to become a homeowner if not today but in the near future. Send me a email if you need contact info of a few local lenders at sholmes@prudentialct.com.
0 votes Thank Flag Link Wed Oct 29, 2008
Home ownership is not for everyone. Save your money for a downpayment, clean up your husband's credit, and in a few years you'll be able to qualify for something. Good Luck
0 votes Thank Flag Link Wed Sep 3, 2008
my credit is completely clear. i dont owe any money to anyone. I paid everything i owed off in January. I left only my gas card which i pay on every month. someone told me it is better to have at least 1 credit card so i opened a capital one card which i also pay on every month. my husband doesnt owe alot, just his student loans, but we cant afford to pay that off in a lump sum. i dont want to pay for credit "counseling" when i have access to our credit reports myself. are there any programs where they give 100 % financing?
0 votes Thank Flag Link Wed Sep 3, 2008
3rd party approval is usually a short sale, note that virtually 9 out of 10 short sales do not close. As far as prequilifying for a loan, your best bet is to call a local and trusted mortgage company and let them tell you what programs you can qualify for. You can get all the advice in the world but the bottomline is they hold teh key to getting you a mortgage.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Sep 3, 2008
Natasha, when my husband and I purchased our first home 4 years ago we were in your same exact situation. I had the good credit he had the income...His middle credit score was terrible...Something like 540. We went to see a good mortgage broker who ran all our credit reports...He looked at my husbands and told us everything we had to pay off and or take care of...He said if you can do that..He would put us in a house...6 weeks later we came back with everything paid...All collections closed...Nothing open...and our only car paid off...We wanted a house that bad...2 days later he prequalified us for a 160,000 loan...2 months later we purchased and moved into our first home...

What I am trying to say...is rather then trying to get around credit scores...Find a trusted broker who will sit down with you and tell you what he needs to give you a loan...That is what they are there for...Your interest rate might not be that great to start of with..But a year of making your payments on time and you can later refinance to a better loan...You might be surprised at how little you have to do to get both of you qulified...

Good Luck!
0 votes Thank Flag Link Wed Sep 3, 2008
If you really want to purchase a home, you might want to consider a "rent-to-own" or a "lease with option to buy" This way, you can start making the house into a home, work with someone to rebuild you credit, and build up a nice deposit. And if you decide after a little while that it is not the house for you, you don't have to worry about selling, and whether or not you have enough equity to sell. Good luck and visit my website for more information. Drop me an email if you'd like too. I know a top producing agent that specializes in Bridgeport.
0 votes Thank Flag Link Wed Sep 3, 2008
me and my husband tried going through the hope program through webster bank but we have not been able to get in touch with the guy who did all our paper work therefore we never got a pre-approval. its frustrating because that program was really great and it would allow us to only put down $500 and they dont go off of your credt score. now that we cant get in touch with him, we may not be able to buy anything because of our situation.
0 votes Thank Flag Link Tue Sep 2, 2008
i make $250 a week before taxes, i know that if i go off my income alone i prob would only qualify for 50-70k. that wont be enough for me to get anythign in a decent neighborhood that doesnt need extensive work. I have been looking at everything below 100k, regardless of where it was and if it was a condo or co-op, and there is nothing that i would be able to get in that price range except something in success village in bpt. i have 3 kids and would rather a decent neighborhood.
0 votes Thank Flag Link Tue Sep 2, 2008
First, when the description says "Subject to third party approval" this usually means that the home is being sold as a short sale. A short sale is when a seller owes more on their mortgage than what the house is worth, and the bank must approve the offer for less than what is owed. But they shouldn't call it a short sale but instead a long sale because it usually takes between 30-60 days for a bank to accept, reject, or counter an offer. If you plan on putting in an offer on a short sale, be prepared to only close on the home in atleast 2 months.

Second, I don't think you can only use your husband's income for a mortgage application. I might be wrong, but I have never seen that done before, or even heard of it. If you would like, visit my website or give me a call, and I would be glad to lead you in the right direction. Also, since you only plan on purchasing in February, I would be glad to refer you to someone who can help you and your husband build up your credit, so that you can get the best financing possible when you do eventually apply for a mortgage. Best of Luck.
0 votes Thank Flag Link Tue Sep 2, 2008
when i see a house on listingbook.com, sometimes the house i like , in the description it says "subject to third party approval" and i thought maybe that meant that they owed money that the buyer might have to pay.
0 votes Thank Flag Link Tue Sep 2, 2008
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