My credit sucks. Can we buy in my wifes name & add my income 2 hers 2 quailify 4 a bigger loan w/o bringing her credit score down & interest?

Asked by Shorty, 92122 Mon Jan 30, 2012

rate up? I have a short sale and bankruptcy on my credit report.

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Ara Melkonia…, Agent, San Diego, CA
Mon Jan 27, 2014
When was the BK discharged and date of short sale please?
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Harold Lear, Agent, San Diego, CA
Mon Jan 27, 2014
Credit Sucks? Restore it.
We have a Credit Restoration program that in 30 to 60 days you could have perfect.
Guarantee, if we don't preform you get your money back. No questions asked.
We can remove anything and everything. But if you don't have anything good then the program will remove everything and you won't have anything to report. Example: you have a late payment, the whole item will be removed. No credit is not a bad thing but if you don't have anything to report you won't get a credit score. So we have to rebuild your credit.
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Ara Melkonia…, Agent, San Diego, CA
Sat Jan 25, 2014
Hi there, there are many ways to RAPID RESCORE your credit profile for starters. Also, if you are the primary wage earner and make considerably more than her, there are new programs for credit scores at 660 or so which you may actually qualify for. Lots of questions for you about your wife's income and credit potential. Call me to discuss.

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Destany and…, , San Diego, CA
Sun Aug 11, 2013
Hi Shorty,

You have a plethora of options, actually. The best things to do, as many agents have recommended, is to reach out to Lenders. I have worked i the financial sector for years and am a licensed Mortgage Loan Officer. If you have any questions on what your options may be, feel free to contact me at any time. As always, good luck.

Your Mortgage Source with the Force~
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Lori Cagle, Agent, Escondido, CA
Sat Aug 10, 2013
You should consult with a mortgage professional about your situation. No two scenarios are the same, and regulations are changing everyday. Some lenders have more flexibility than others regarding loan programs, credit scores and qualifying. I would talk with a few lenders to see who might be able to help you, and find out what programs they have.
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Pat & Steve…, Agent, Westlake, OH
Sat Aug 10, 2013
We suggest that you meet with a loan officer at two local banks to determine how to structure your mortgage loan application and the interest rate you qualify for.
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Andrea Gomez, Other Pro, San Antonio, TX
Sat Aug 10, 2013
You can get approved with under a 600 credit score for home loan. I have had clients with a 580 credit score get approved for an FHA loan just 3.5% down, The Lenders Network is the place to start for any questions loan related.

Good Luck!
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Rene' De Bla…, , San Diego, CA
Wed Jun 6, 2012
unfortunately, Fannie Mae and Freddie Mac require credit rating if you are using income to qualify. Even with FHA, the spouses credit will be figured into the equation.

Hope this helps.
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Jenny Talasa…, Agent, San Diego, CA
Tue Jun 5, 2012
I use a gentleman in Vegas I can refer you to. He is amazing and the consultation is free!
Web Reference:
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Bob Willett, , Sacramento, CA
Tue Feb 21, 2012
Do you or your wife have any relatives that are living below their means? Do they really like your wife? If so, you could have them buy with your wife as non-owner-occupied co-mortgagors and use either FHA or conventional (Freddie Mac.) FHA will still pull your credit, and any bills you have will be used against her (and the co-mortgagor,) and Freddie Mac does not give as much credit to the co-mortgagor’s income. However if there is someone willing to stick their good name and credit on the line for your wife, a co-mortgagor might be a good option. Good luck.
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, ,
Thu Feb 2, 2012
Something to consider, since we live in CA which is a community property state, your wife could pay the price for your short sale if you are considering government insured financing (FHA). I deal with this all day long. Since your off the market for at least 3 year from the date of your BK discharge, there is noting you can do to help her. Her best bet is go Fannie-Mae at 3% down and your past credit issue will not affect her. The other option is to purchase using Private Money financing. See my article below for more information.
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Annette Levi…, , New York, NY
Mon Jan 30, 2012
No, anyone's income that is used has a credit report pulled on them. Income is great but what about the bills. Willingness to pay is 1/3 of the mortgage approval.
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
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Robert Chome…, , San Diego, CA
Mon Jan 30, 2012
If you want to just use your wifes credit, than only she could go on the loan and only her income could be used. Have you talked to anyone about your credit and what may be done to raise your score? Many times there are changes that can be made to a credit score to quickly raise the score. Give me a call if you would like me to take a look at your credit.
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