Rentals in Alief>Question Details

DMYLESA, Renter in 77064

602 credit score

Asked by DMYLESA, 77064 Sun Jul 8, 2012

Hello All,
I would like to buy a resale home with a 602 credit score my price range is $85-120k, I am self employed but want to use my husbands income to purchase...input PLEASE :)

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Mark Mcnitt, ABR’s answer
Your credit score is a bit too low. However, your husbands credit score might be better and that could possibly be used. Most lenders are looking for a min 630 score for an FHA loan.

Being self employed is not a big deal (all of us Realtors are self employed!) as long as you have a track record to show your income. Min 2yrs of tax returns should take care of that. This along with your husbands income and job history can get you going with a lender.

Best to speak to a local lender! I have several on my web site if you would like to speak to someone. These guys are great with 1st time buyers.… After you are pre-qualified, get with a Realtor to start looking!! Let us know if we can assist you.

Mark McNitt
m 832-567-4357
Bernstein Realty
1 vote Thank Flag Link Sun Jul 8, 2012
We're able to approve FHA (3.5% down) loans with middle credit scores as low as 580.

Feel free to apply online at or give me a call.

K.C. Jones
RH Lending
0 votes Thank Flag Link Wed May 29, 2013
You really need to direct this question to a lender - not so much a realtor question......
0 votes Thank Flag Link Tue May 28, 2013
It's your husbands score that matters if he will be on the loan. With a 602 it would be best or even necessary to keep you off but your husband would need to qualify with his income and credit. He would also have to be able to support any joint debts you both have on your credit reports.

Hope this helps.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157 |
0 votes Thank Flag Link Mon Jul 9, 2012
If you can put down more than 30% there are still lenders willing to lend with higher rates.
0 votes Thank Flag Link Sun Jul 8, 2012
i, FHA requires a 640 credit score, but there are some programs that might work for you. Get in touch with a lender and they can give you specifics on that. Email me at for a list of lenders and you can start the home buying process there.

Good Luck
0 votes Thank Flag Link Sun Jul 8, 2012
We require 580+ credit score for FHA with 3.5% down.
RH Lending
Flag Wed May 29, 2013
How certain are you about FHA and minimum credit score of 640? I am curious
Flag Tue May 28, 2013
As a mortgage lender let me say that you are looking at a battle, plus you are self employed, but there is another way. give me a call and we can discuss it. I have some questions that need to be answered first before I can give an exact answer.
0 votes Thank Flag Link Sun Jul 8, 2012
There is no question about needing your husband's name, as well as his income, to be on the loan. Purchasing a property with a 602 credit score is difficult enough, but adding your self-employment makes a positve result unlikely. While interest rates are at all-time lows, qualification criteria are more stringent than ever.

I'm currently working with a business owner who has both a substantial income and a 700+ FICO score. It took over two months to finally get the loan approved, and only after he increased his down payment.

If your objective is to purchase the property in your name alone, it's going to be a long, uphill battle, most likely with a disappointing outcome.

I would like to refer you to an outstanding lender, who can further clarify the situation for you. Please contact me at (713) 213-6350 or ... .... I hope to hear from you.

Regards ...

Al Geffon
0 votes Thank Flag Link Sun Jul 8, 2012
Are you trying to purchase in your name only, if so, what is your income? In order to use your husband's income, he will need to be included. I know mortgage professionals that you can talk with that will help advise you to make the best possible decision. Please give me a call: (832)876-5655. Look forward to hearing from you!
0 votes Thank Flag Link Sun Jul 8, 2012
there are numerous things you can do, but we will need little more info. Please call me, and I'll let you know your best option. Thanks

Eric Domingues
0 votes Thank Flag Link Sun Jul 8, 2012
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