Home Buying in Boston>Question Details

Madelyn Baez, Home Buyer in

My credit score is 710 but husband is 590? We are moving to Atlanta in six months and want to purchase our first home? Would we be able to?

Asked by Madelyn Baez, Sat Oct 6, 2012

We would like to buy. I make 49,500 and he makes 275,000 annually. We have 20,000 saved for down payment and would like to buy a home in the 400,00 range. Would anyone even ever consider us for a loan because of his credit score? We are working on it.

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Answers

8
Is essential for you to start searching for a mortgage broker that can explore all your financing options. Mortgage broker have access to many banks and private lenders and to different programs.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
2 votes Thank Flag Link Sat Oct 6, 2012
Hi Madelyn,

With both income combined and credit score I honestly don't see a problem. I also recommend talking with a mortgage broker so he/she can give you guys a better idea of what to look for.

Best Of Luck
1 vote Thank Flag Link Sun Oct 7, 2012
Hi Madelyn,
At your combined income level I highly recommend you start working with a financial advisor ASAP.

First, it is important to correct/improve your spouse’s credit score.
Second, you have to plan how and when to purchase a property.
Also consider the rent vs. buy analysis from your own perspective and for the area where you’d like to move into.

Best of luck in your move,
Jaime Fernandez-de-Castro
1 vote Thank Flag Link Sun Oct 7, 2012
Talk with a mortgage broker. Look into your husband's credit report and challenge anything (no matter how small) that is inaccurate so you can optimize his score. Given the combined income you have a good chance of getting the mortgage - it will not be at best rates but that may not be the important thing right now. Buy now when the prices are still in your favor and refinance in 12 months when you have corrected his credit score (and the rates will still be great). Good luck with your home search.
0 votes Thank Flag Link Sat Oct 6, 2012
Find a lender in the area you want to live who is not a national lender.
They may have some local programs.
Also, start working on correcting the 590 - you may be able to raise it by the time you go.


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0 votes Thank Flag Link Sat Oct 6, 2012
I would definitely recommend touching base with a mortgage professional! Sometimes theycan suggest some things to help improve his score quickly and stay working on it!
0 votes Thank Flag Link Sat Oct 6, 2012
Probably not at 590. He needs that score at least to 620 and most lenders are looking for 640.
0 votes Thank Flag Link Sat Oct 6, 2012
You'll want to talk to a mortgage professional (ideally more than one) but I would say with that score it may be hard. Since your husband makes the significantly higher income and you would need that to qualify for a loan, you would not be able to qualify yourself. Your best bet is to find out what your combined score is to see if you can qualify and also talk to the professional to find out the fastest way to increase your score should you not currently qualify. Many mortgage professionals can steer you in the right direction with relation to the best steps to raise your score.

Best of luck in your move!
0 votes Thank Flag Link Sat Oct 6, 2012
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