Home Buying in Beaumont>Question Details

Saljenk, Home Buyer in Beaumont, TX

My avg credit score is 600 & going up. Yay! I make $40k yr/ & w/ husband's income is120k yr. what do you do when spouse cant be on loan?

Asked by Saljenk, Beaumont, TX Tue Nov 22, 2011

bc of credit? My husband had a foreclosure 3 years ago due to a lay off at work. I was a stay-at-home-mom at the time, so that hurt us tremendously! We are doing much better now and we are in a much better place financially than we were then. We are working to increase our scores on a site called CreditKeeper.com. :) We currently have no car payments now (paid off), and we can definitely afford a house now, but we are having to work on our credit (mainly my credit) from the hit we took when we got behind a few years ago. Is there anyway to show our "household income" if I go to get a loan without my husband on the loan bc of the foreclosure he had, but still want to show his income? I make around $40,000k year alone, but is that enough with my credit score and with very little money down? Or are we stuck renting for the next four years bc of the foreclosure 3 years ago? Any feedback from a professional in this area would be great to get us continuing in the right direction! Thanks

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You will want to determine the date that the property title transferred from your husband. That will be the foreclosure date that is used in the underwriting criteria, not the date when the foreclosure proceedings started. If that date is 3 years ago, locate a licensed Texas mortgage broker or lender who offers FHA loan programs that do not have a minimum FICO score guideline. Best wishes to you.
0 votes Thank Flag Link Wed Nov 23, 2011
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