It depends on what not so good credit is. An FHA loan may be an option. If the loan amount your are trying to get is under $362,790, you can have a credit score as low as 580. If the loan amount is more than $362,790, you would have to have a score of 620 or above. If you would like to talk more about this matter, feel free to call me or email me at your convenience.
The Loan Source
The best thing to do is to get in touch with a good local lender to discuss your needs. The lending institutions are looking at many different variables when determining whether to lend at at what rate. Income, credit score, debt to income ratios, down payment and work history just to name a few. As a realtor in the Turlock area, I have several lenders you can talk to, including the one who helped me buy a Denair home last year. If you want some contact names, just email me and I'll send those over to you.
Best of luck,
Adam Dalton, Realtor
Century 21 M&M and Assoc.
And to answer your questions, yes, 3 incomes will do more to help you qualify.
If I can be of any assistance, please let me know.
Apply Online: flagstarloans.com/lallison
If the partner with good credit cannot afford the loan on his or her own, youâ€™ll need to apply using both of your scores. That means a more difficult road to approval and much less favorable loan terms.
But, different lenders have different programs....check with your local lenders. Also keep in mind that the deed will only reflect the name of the borrower until at such point in time the other name can be added.