Question Details

K, Home Buyer in Boston, MA

I have a credit score of 604 and my husbands is 785 we make $138K annually combined will we get approved with

Asked by K, Boston, MA Wed May 7, 2008

my husbands credit being so good?

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Your credit score will not suffer when these mortgage companies pull your credit within the same time. That is a myth, and please talk to a lender and they will confirm for you.

What is going to hurt your credit scores are opening several credit cards and not paying your bills on time but when it comes to shopping for a mortgage it is okay. They obviously know that you are not going to take out three mortgages.

Just wanted to clarify that.
1 vote Thank Flag Link Wed May 7, 2008
With a FHA loan your fico is within range. But there are many variables involved in the process such as liabilities. With FHA at least with my lender there is no hit for a lower fico. You would obtain same pricing with a 600 as a 800. People don't like to hear that that have great scores, but they love to hear it when they have lowers scores.

If you need a referral feel free to contact me
1 vote Thank Flag Link Wed May 7, 2008
Credit scores are important, but there are many other factors as well such as debt to income ratios and down payment monies. Best to interview a couple of lenders, a mix between private local banks and mortgage brokers, so you get a feel for the type of company and the rates that are offered. Once you decide on the lender, then allow them to pull your credit scores. Each hit on your credit will lower the score, so don't allow all lenders to pull your credit.

After that, your lender should have several programs that best fit your needs, and may suggest the loan only be in your husbands name, if your score is a detrement.

Now is an exciting time to buy as there are some awesome deals on homes. Good luck to you both and feel free to contact me if you need additional information.
0 votes Thank Flag Link Wed May 7, 2008
Have a lender run your credit together first and see what they come up with. If they come back and say no, you are not approved which I can not imagine them doing even with a credit score of 604, then have them do it just in your husbands name.

FHA loans are not score driven, so you should be okay seeing your husband's is so high.

Good Luck!
0 votes Thank Flag Link Wed May 7, 2008
The question is not your husband's good credit. The issue is your 604. Every lender I know of has risked baised pricing for any credit score lower tha 720 and all conforming lenders us the lower of the spouses credit scores.

If you are putting down a healthy down payment (at least 5%, but preferrably 10%) you might be approved, but be ready for a rate shock.

Good Luck
0 votes Thank Flag Link Wed May 7, 2008
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