Home Buying in 60443>Question Details

rpung83, Home Buyer in Matteson, IL

my wife and i are ready to buy our own home, my credit is 570 but hers is 640. will we be able to get approved for a mortgage? Both our income is 70K.

Asked by rpung83, Matteson, IL Sun Jan 27, 2013

Help the community by answering this question:


There are a number of potential answers. Just based on your score you can not be on the loan, yet you are not far from having an acceptable credit score. But, a score only disqualifies, it never qualifies you. We need to look at the actual credit. There may be things I could advise you to do to improve your score.

The debt is also an important qualifying criteria.

That said, in this market property values are low and depending on how much you want to spend you may be able to buy the house you want on your wifes income alone.

Most important thing is to get pre approved first. And work with a lender you trust who can help you meet your goals.

I am in Matteson.


Louis Jeffries
NMLS# 911510

Call Me.
0 votes Thank Flag Link Sat Feb 2, 2013
Hi there. We have a lender that goes as low as 580 on the credit score. If you have a 570 you are close. I'm not sure where you got that score pulled buy that may not be your middle score which is what we use. That could be your low and if that is the case you may be at 580. Give me a call if you would like a free prequalification.

Sean Cochran
Quality Mortgage Lending
630-470-6830 office
630-330-2229 cell
0 votes Thank Flag Link Tue Jan 29, 2013
You should check with a mortgage broker, but to be honest - her credit score will qualify, yours probably will not. Which means only her income will count. And there are other qualifications besides credit score, but 620-640 is the minimum requirement for most lenders these days.

However, you could be close and in a couple months you could get your score up. I work with buyers in this area and work with a lender who helps people get qualified.

Please feel free to contact me and I can give you some more information to get you started.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
0 votes Thank Flag Link Mon Jan 28, 2013

I am a local mortgage broker and would be happy to help you get pre-qualified We work with over 30 lenders to help you get the best possible financing. Our lenders will go as low as a 580 score on an FHA mortgage. SMC carries an A+ Better Business Bureau Rating and has worked in the community for over 15 years! Please call me at 630-478-2684, email or visit my website get started.

In regards to your score, lenders will use the lower of the two scores. If your wife can qualify with her income alone; we will use just her information or we can work on raising your score to help qualify and have both of you on the loan.

Give me a call so we can discuss in more detail. I look forward to working with you.

Best regards,

Patty Harrison
Smart Mortgage Centers
patty@smarmtgs.net / http://www.smartmortgageinc.com
0 votes Thank Flag Link Mon Jan 28, 2013
There are many programs available today for purchasers. Your situation should be ok to qualify for a loan. Let me know if I can suggest a Lender for you. Also, if you need any help finding a property I can help as well. Call me direct 708-308-4448 or Hoffrealtors@yahoo.com
0 votes Thank Flag Link Mon Jan 28, 2013
If you need both incomes to qualify, yes. Your score will be a limiting factor. I would encourage you to take some time to improve your credit first. You'll both improve your chances for approval and lower your rate.
Pay your bills on time, pay down your balances to 1/3 or less of their high credit. Do not close any accounts; this will reduce your score. Dispute any errors on your report in writing with each agency that reports them.
These are just a few steps that can get you closer to buying. Establish and live within a budget that includes a savings account. You will need down payment and reserves (money left over after your down payment) to qualify for most mortgages. If you set yourself up with these disciplines before you buy your home, you'll be much better off and have habits that can help for a lifetime. Best of luck.
0 votes Thank Flag Link Sun Jan 27, 2013
Your best bet is to have a mortgage broker pre-qualify you for financing. With a 640 credit score, your wife should qualify for a loan - however with a 570 your options might be more limited. Unfortunately, lenders typically default to the lower of the two score when applicants apply jointly. So, while your purchasing power would be decreased, you'd be more likely to qualify (and get a more favorable rate) by having your wife apply and qualify using only her income.

You'll want to contact a mortgage professional and have them run the numbers. They'll factor in your credit score, amount you can put down, and debt to income ratio to give you a better idea of what you'd qualify for. If you have any questions, or would like the name of a great, upfront, honest lender who will give you straight answers - please feel free to contact me directly.


Terry Farnsworth, Licensed Broker

Prospect Equities Premier



(630) 747-3426
0 votes Thank Flag Link Sun Jan 27, 2013
It will depend on your income, expenses and credit as well as how much you have saved for a down payment and closing costs. . You should start with meeting a local and trusted loan officer hwo can prequailify you and loos at all 3 to see if there are any progrmas for you.
0 votes Thank Flag Link Sun Jan 27, 2013
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