How will my husbands horrible credit score and my perfect one effect our buying a home?

Asked by Jessica, Atlantic City, NJ Wed Jan 28, 2009

My husband has bad credit, mine is perfect. We want to buy our 1st home. He makes most of our money, is a Veteran, and a career fire fighter, so I know we can qualify for special mortgages, ect. We are also both first time home buyers. How will his score effect us???

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William Leigh Holt’s answer
William Leigh…, , New Jersey
Thu Jan 29, 2009
Jessica: This is really a question for a mortgage representative or three. Obviously, your husband's better earnings will be offset by his worse record. I have no idea how much you make but if it's enough to qualify for what you want, your husband's score should not be too important. The rub is that you will probably have to use both incomes to really get started with what you want. A mortgage rep will be able to tell you what his company will do. Other companies may be quite different. The best thing to do is to check out several companies.

Be careful, there are, unfortunately, companies out there that will still take advantage and others that promise a lot more than they deliver and on closing day you may get a nasty surprise, so don't put yourself in the position of just hoping that they will come through. It's too nerve racking.

Best of luck.
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Thu Jan 29, 2009
As you mentioned, there are several special loan programs available for fire fighters and veterans. I would suggest you speak to a committed loan representative, willing to work with you on these programs, but also willing to work with you to get your husbands credit score up.

Brian McCarty of Superior Mortgage (609)618-9939 will work with you to do just that. He works in Atlantic County, and has been most helpful to my clients at Keller Williams in Northfield.

While you might be able to qualify for a loan with your husband's "bad" credit, improving that credit score will give you more options and,in the long run, save you money on your mortgage.

If you have further questions, please contact me.

Laura Giannotta
Keller Williams Atlantic Shore
609-384-6121
0 votes
Jeremy S. Hi…, , Cherry Hill, NJ
Wed Jan 28, 2009
Jessica,

Your husband score will ultimately make the difference. Basically either FHA or VA will be the right program for you all. Both allow for a minimum 580 credit score. VA being the better of the two with 100% financing and no PMI option. This ultimately will save you alot of money. If his score is not a 580 then there's a few things that can be done to improve it. I highly recommend you getting a copy of your 3-n-1 report rather than having a vendor run it. This will save you an inquiry. Feel free to call me anytime direct. I've assisted many folks in similiar situations.

Best Regards,

Jeremy S. Hill, Mortgage Consultant
Aurora Financial Group
609-876-5817
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Wed Jan 28, 2009
Scores always affect borrowers. But in circumstances such as yours, you have some unique qualities. You would definitely do yourself some good to speak with a mortgage rep. You have many personal questions that need to be answered.
Here are some phones numbers you can call.
If you can please let them know I sent you....Larry Sarlo

Mike DePlacido Personal Cell Phone 215 215-873-5371 he works your area and can ultimately get you almost anything approved.

Michelle Taylor or Kathy Lillie 856-227-1950 x104 Again I know either of these girls will work hard for you...

Good Luck!
Larry Sarlo
any questions you can give me a call. 609-868-1171
0 votes
Christine Ma…, Agent, Reseda, CA
Wed Jan 28, 2009
Jessica, there are many programs as you mentioned, being that your husband is a Veteran and career fire fighter. If you want I can put you in touch with some great mortgage loan specialists that can discuss your options. I know there are a lot of mortgage programs even if your score is in the 600's so I don't know how low your husband's score is and why so you should discuss with a mortgage rep (who can even discuss ways to possibly improve your husbands score, depending on the underlying reason why its lower than yours). Just let me know!

Christine Markow
ERA Statewide Realty
christine.markow@era.com
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