My fiance and I have $25K saved. My credit is poor but he has a 660 average score w/no debt. Can we use our combined income to qualify for a loan?

Asked by tina209, Las Vegas, NV Sat Jul 7, 2012

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David Cooper’s answer
David Cooper, Agent, Los Angeles, CA
Sun Jul 15, 2012
Poor credit means you have some creditors that haven't been paid. Your finance 660 score is going to cost you in not getting you the lowest interest rate. And owning a house means those creditors can gave a judfement where the lein could be placed on the house. It's time to take your $25,000 and pay off your debts.

David Cooper Investor 702-499-7037 Licensed Buyers Agent Since 1917 Realty
1 vote
john peters, Agent, Henderson, NV
Mon Jul 9, 2012
Good morning, I have been in the mortgage Lending business for over 10 years. Please give me a call and we can discuss your scenario, there are numerous options and I have helped many people in your same situation. Johnny Peteres, North American Financial, 939-2474
1 vote
Mortgage Girl, , Henderson, NV
Wed Aug 22, 2012
Talk to a Local Las Vegas Mortgage Expert and Underwriter Directly. I have been in the mortgage industry for 15yrs to include sales, underwriter and operations manager. I am here to help at no charge, I want to help educate people not take advantage of them.

Please contact me direclty at
0 votes
Michael Stone, Agent, Henderson, NV
Fri Aug 17, 2012
I would recommend talking to a Loan Officer to get pre qualified, they will be able to give you the best information regarding your question. If you would like me to provide you with the preferred Lenders at our office let me know. Also, if you are looking for a REALTOR I would be happy to help you!

Michael Stone, REALTOR
Keller Williams The Marketplace I
0 votes
Wendi Willia…, Agent, Las Vegas, NV
Tue Jul 17, 2012
Not likely...Some good answers below, however. Here are a few more for you:…
However, if you are interested in starting the process through a rent to own program in the meantime, give us a call:
0 votes
Beauty Reigns, , Las Vegas, NV
Sun Jul 15, 2012
Ooh I would love to work with the two of you. I just love teaching and sharing various life resources!

The first Question is, If you or your fiance lost your jobs today how are you going to pay your rent/ mortgage and life expenses. Also how long can you live off your saving while you look for another job?
If you own a business you can ask the same questions to, also you can ask it in this form: If your business was outlawed today how long would it take before your family noticed a change in their lifestyle?

So if you are willing to learn and address these questions I will also offer a bonus that being how to buy a house without a mortgage.
With Great Joy,
John Washington III
Life Enhancement Specialist
0 votes
Mark Fleysher, Agent, Las Vegas, NV
Tue Jul 10, 2012
Definitely contact a mortgage professional, whether someone local (preferred for a more-thorough pre-qualification) or a larger bank like Wells Fargo, and they will help you to determine if you qualify for a mortgage, and for what amount you qualify.
0 votes
Raina Musser, Both Buyer And Seller, Las Vegas, NV
Sun Jul 8, 2012
This is a no doubt a lenders question. It is good to find a Realtor you want to work with and get a referral from your agent or if you have an established relationship with your banking institution that is also another great place to start! Some lenders can assist you in "cleaning" up your credit to be able to get a FHA loan. I have several lenders I know that are really hard working and strive to help buyers purchase a home. Contact me and I will help you and your fiance toward the goal of ownership! Thank you for posting and great question! Raina Musser
0 votes
Joseph Rados…, Agent, Las Vegas, NV
Sun Jul 8, 2012
Alot of REALTORS answering lending questions....
I would go with Castle & Cooke because they have much higher debt to income they use to qualify.
I use Gregory Cook.

If you need anything housing related please allow me to help.
0 votes
David Cooper, Agent, Los Angeles, CA
Sun Jul 8, 2012
Tina209 660 credit score with no debt? I would still pay to get that credit score above 700 so you can get the best mortgage rate. Right now you will pay a penalty and you might not qulaity

David Cooper Investor 702-499-7037 Licensed Buyers Agent Since 1917 Realty
0 votes
Jeffrey Burn…, Agent, Las Vegas, NV
Sun Jul 8, 2012
Wow. So many different answers from agents! My answer is PROBABLY YES, you can get a loan. It depends on the details of your poor credit. For example, if there was a BK or Foreclosure involved it would disqualify you from many programs...right now. But not in the future. Kinda like asking a doctor why you have a tummy ache. Could be gas...could be cancer. More details would be required.

RIght now I have a 3 Bdrm home WITH A POOL in North Las Vegas. You could own for $115,000. NOT a short sale, Bank Owned or Flip. Depending on your income, employment and further credit analysis...I would say this home might be a viable candidate. I have a 4 Bdrm by the Cannery Casino that may be an option as well.

If you'd like more info or discuss the details of your circumstances, then call me.

Jeffrey Burnham -"The Wizard"
Encore Realty Group
(702) 682-2002
0 votes
Matthew D'Er…, Agent, Las Vegas, NV
Sun Jul 8, 2012
Tina, My wife and I can get you a very good loan with combined income and we have owners who will sell to you and cary the note as well. We also have a number of new homes coming on line you might like? Please email or call us and we'll help you with loan and finding a lovely home at a great price. There are a good number of foreclosures we can show you as well. Our web site can give you access to the MLS System of the most up to date listings and current properties. Thanks, Kim and Matt

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website -
0 votes
David Cooper, Agent, Los Angeles, CA
Sun Jul 8, 2012
Do you realize that a low credit score means you will be paying a higher interest rate on your loan.
Why in he world don't you take some of that $25,000 and pay off your creditors so you can raise your score.
How does one get a "poor" score and have "no" debt.

You should be prepared to answer these questions.

David Cooper Las Vegas Homes for Sale 702-499-7037
0 votes
, ,
Sat Jul 7, 2012

I am a local lender in Las Vegas, NV...

If you want to use combined income to qualify for a loan, we'll have to take into consideration your credit. The question is, what made you say your credit is poor and where is it at?

If you're trying to get an FHA loan (minimum of 3.5% required down payment), the minimum credit score required for most lenders is 620... but I can do FHA loans even if the credit scores are as low as 580.

Give me a call so we can evaluate your scenario and guide you to the right direction.

Eugene Prospero
All Western Mortgage
0 votes
, ,
Sat Jul 7, 2012
You do not say what your credit score is here.
With combined income, the lower of the two borrowers scores are utilized.

Most FHA require 620 minimum score
0 votes
Lori Hyland, Agent, Las Vegas, NV
Sat Jul 7, 2012
Absolutely. Here is another lender to try, just to keep your options open while you're doing your research. Paul 702.524.2545

Happy house hunting - please give me a call if you'd like to set up a time to meet to go over your search :)

Keller Williams Realty
0 votes
Susan Vander…, Agent, Lake Elsinore, CA
Sat Jul 7, 2012
You should be okay. However,no debt is not necessarily good because he has minimal credit history. Other factors are your debt to income ratio, employment, collections/judgments/liens that need to be resolved before you could be approved for a loan. The house would also need to appraise.
0 votes
Michelle Gon…, Agent, Los Alamitos, CA
Sat Jul 7, 2012
You will need to qualify credit wise as well in order to use your income. On a side note, if you get married before you buy your home, your spouse will have to include your debt as well. On an FHA loan that is. If your credit is poor because of excessive debt, then have him buy before you get married. Hope this helps. Good luck.
0 votes
John Chamsi, Agent, Las Vegas, NV
Sat Jul 7, 2012
Hello Tina,
I can have contact the person I deal with in obtaining a loan. They can pre qualify you and we can go from there.
Please feel free to call or email me with any questions you may have.

Look forward to hearing from you.

Thank you.

John Chamsi
Costello Realty Management
0 votes
William Gian…, Agent, Henderson, NV
Sat Jul 7, 2012
Of course! I can put you in touch with my lender, have him help you with some credit repair (if needed) and get you on your way to being qualified and finding the home you want! Please call me for details. -- Bill (702)885-9140
0 votes
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