Financing in 22901>Question Details

Simone Gavel…, Home Buyer in 22901

I am looking into a USDA loan and I was wondering if they need to include my wife's credit in the application. She does not have any income.

Asked by Simone Gavelli, 22901 Sun Nov 3, 2013

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0 votes Thank Flag Link Mon Nov 4, 2013

If you can qualify for the loan without your wife's credit or income, then no she does not need to be on the loan but can be with you on the deed. I can help you with a pre-approval and go through the steps of getting a new USDA loan. Contact me if you need information or see if you qualify for a USDA loan.

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0 votes Thank Flag Link Mon Nov 4, 2013

I read your responses.

If you wife's credit is bad, you can just put her on the deed but not the mortgage note.

As for collection accounts, many do not need to be paid off. In fact, often times if you do, your credit score will go down.

It is strongly suggested you have a lender pull your credit and run you through automated underwriting.

GSF is a licensed direct lender in Virginia.
0 votes Thank Flag Link Sun Nov 3, 2013
Thank you for your answer. From the looks of it, then I might be able to start looking into purchasing a home instead of renting. I wanted to do the USDA guaranteed loan. How would I start this process? What should be my first step? Thank you
Flag Sun Nov 3, 2013
Great Question!!! I would say the answer with: it depends and would need more information. Will your wife be on the loan/deed? The USDA-RD loan program is a great way to finance the purchase of a home using 100% financing with a low rate fixed for 30 years. I've worked with Leonard Winslow ( )of Movement Mortgage on several USDA-RD loans. Contact Leonard for more specifics and he can run the questions past the chain of command at Movement Mortgage and get you the answer for today (the loan requirements change from time to time best to get up to date info).

Best of success. Keep asking questions. The only bad question remains the one you do not ask!

James Dickerson
Charlottesville Solutions
0 votes Thank Flag Link Sun Nov 3, 2013
Send Leonard Winslow an e-mail with your questions. He can get you started with the loan application and help you through the process!
Flag Mon Nov 4, 2013
My wife will not be on the loan. I would like to have her on the deed, but it is not necessary. the reason I am asking, is because my credit is getting in a good condition, while hers is bad. If they only take my credit into play, then I believe I would qualify.
The other question I have is, do I need to have my past collection items paid before applying even if my score is above 640? I have two very old credit cards that for some unforeseen reasons I was not able to pay in the past. The accounts have been closed, but not paid off yet. I have been taking care of all my other loans (student mostly), the only two that remain are these two CC. Could I still qualify, having my credit score above 640? Thank you for your answers and advice.
Flag Sun Nov 3, 2013
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