Can I buy a house with my boyfriends good credit/low income and my high income/low credit score?

Asked by Nina, Waterbury, CT Tue Oct 15, 2013

My boyfriend and I starting to look for a house to buy in CT. He has low yearly income (under 20K) and good credit 720 /-. I have crappy credit, 580-615, but make 52K a year. I've paid off all of my debts and have been working to build my credit up for this purpose for the past year. We're looking to get a mortgage for under 100K, but back in March, we couldn't get pre-approval due to my debts (which have since been paid off) and his lack of credit history (even though his score is high). Is there any way to use his credit score with my income to buy a house (FHA or Homepath)?

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8
Jessica Bate…, Agent, Beverly Hills, CA
Wed Oct 23, 2013
Yes! I have had clients get approved with just a 580 credit score. Check out The Lenders Network they can get you to a lender to help you out, they work with all the lenders that work with credit issues.
2 votes
Kevin Mace, Mortgage Broker Or Lender, east lyme, CT
Wed Oct 23, 2013
Nina they will use your score but for FHA financing the credit score doesn't play a big factor into the rate you get. I can get loans done below a 600 credit score but it is much easier with at least a 600. Most importantly I can tell you what needs to be done to get you there. Feel free to call or email me @ 860-460-6499 or kevinlmace@gmail.com.
1 vote
Vasco Silva, Agent, waterbury, CT
Mon Oct 21, 2013
Hi Nina,

Your credit isn't too far off from being able to qualify for a mortgage. The mid score most lenders will offer financing on is 640. My suggestion would be for you to sit down with a knowledgeable mortgage broker that can help you repair your credit. I have helped numerous clients in similar situations and
usually they are able to close on a house within 6 months.

My recommendation would be for you to seek the help of an experienced Realtor that can walk you through this process and also refer you to a good lender that is willing to help you repair your credit at no cost.

Best wishes!
1 vote
Jessica Tracy, Agent, North Windham, CT
Sat Oct 19, 2013
A good place to start would be to contact a mortgage broker. If you are still looking, I would be happy to refer you to one.

Good luck!
1 vote
Ruth Zeiss, Agent, Southbury, CT
Tue Oct 15, 2013
Hi Nina, the best person to ask would be a mortgage banker. As far as I know, if you've paid off your debts and kept the credit cards open, you should see an improvement in your score within 60 days. I know of a lender who can work with a 580 credit score. I know another lender with a program specifically designed for first time home buyers with lower income. If you would like me to provide you with their contact info, please call my cell 347-556-0014 or email me and I will be happy to point you their direction. Once you are qualified to purchase, that's really where my expertise comes in. Regards! Ruth
1 vote
Kenitra Sher…, Agent, Waterbury, CT
Tue Oct 15, 2013
Nina, I know of a great program where you mad qualify for 100% financing. To answer your question. Yes. Give me a call if you re truly interested
1 vote
Hi Nina,

If you still need help, call our office and ask for Mike. 877-808-6611.
Flag Fri Oct 18, 2013
Jill Carini, Mortgage Broker Or Lender, 06357, CT
Sat Nov 9, 2013
One more thing. If you paid off your accounts. PLEASE dont close them. Just pay them down to zero.

Good luck.
0 votes
Jill Carini, Mortgage Broker Or Lender, 06357, CT
Sat Nov 9, 2013
Nina, I just saw your question. I hope you had an opportunity to me with a loan officer. The big question is how low is your credit score and if any action on your part can change the score in the next three months.

I hope you have met with a loan officer to start working on what needs to happen so you can buy. Please ask about the CHFA program. It is a great program.
For Connecticut Residents only

Good luck.

Jill Carini, Niantic CT
0 votes
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