Hi there everybody, thanks so much for sharing your advices to me here. I really appreciate it. I will be definitely be looking for a house next year and will keep all your inputs in mind.

Again, thanks very much for all the help.

Hi Chie, your husband's 590 is a "no go" these days, a min mid-score of 620 is required (even with FHA's min down of 3.5% programs). So, if you are looking to buy now, you alone would need to qualify for the loan. Most lenders use the lower of the two midscores.

Best, Steve

You are quite right Chie. Don't go to a lender and complete a formal loan application. You should discuss this with a good mortgage broker who will be able to advise you appropriately. I recommend you talk with Michael Caires of Diversified Capital Funding - (510) 377-6093.

Bernard Gibbons

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Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com

Hello Chie,

Talking with a mortgage broker costs nothing and they can respond to the information you supply without pulling credit. Call someone today, or 3 someones. I recommend everyone contact a credit union (if you are a member), a large banking institution and a mortage broker to check out their options. I have a good rolodex for all three. Please call me at (925) 407-7987 if you could use some good recommendations.

Respectfully,
Vickie Nagy
CA License# 01363932
Keller Williams Realty

I have a lender I use with B of A and she can tell you before running your credit if she can do anything for you. Give me a call and I will give you her information. I almost strictly use her for my clients and she is awesome. She has worked in the lending industry for years and has worked all phases of it so she knows the business inside and out. Just tell her not to pull your credit, give her your information and she can give you an idea of what she can do based on what you tell her. However, if you go forward, she will have to run your credit. My cell number is (925) 437-3927 or email me at ppars2001@sbcglobal.net

I think (not definate) some lenders will use the lower of the 2 borrower's score to make their decision to lend. You should definately ask a loan officer or lender because they can help you run the numbers, especially if you are going FHA.

You may want to get your husband to try to find out why the credit is low and get into a credit repair program to get his score above 620 as well. Having a score above 620 would greatly help your loan approval.

Good luck.