My husband makes 100k a year but his credit score is 530 and we have $52,000 that we can use as a down payment. We don't have any loans can get

Asked by Brooklyn3685, Monroe County, PA Sun Sep 18, 2011

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Joseph Antho…, Agent, Bethpage, NY
Fri Oct 21, 2011
Whats up Brooklyn

All good Advice, one tip. Bring any high balance loan or revolving debt to about 33% of high credit limit. Also taking on new credit can also have an adverse effect.
0 votes
Susan Blanfo…, Agent, Kettering, OH
Fri Oct 14, 2011
First, go to a credit counselor. They are available for free, do not pay for this service. You'd be better off improving your credit score and understanding the value of good credit and how to maintain it first. There is a reason why his credit score is so low and you both need to understand how to fix it and how it affects you in many aspects. Once you have done that, your interest rate will be lower when you borrow, and you will have a much better chance for success. Best of luck to you.
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Annette Levi…, , New York, NY
Mon Sep 19, 2011
A score of 530 is an indication that bills are not being paid in a timely manner. Review your credit report. Pay off all collection accounts and judgments. No one can close on a mortgage with an open judgment and only medical collections can stay open. Bring your credit cards to no more then 50% of your limits. Your husband's credit score will go up and then you can consider buying a home.
0 votes
, ,
Mon Sep 19, 2011
Hello Brooklyn,

You need to get his score to at least a 560 or maybe even higher. Find a mortgage broker who can analyze your credit to see what needs to be done, A good credit repair company may be required depending on the situation,

Best Regards,
Alan Openshaw
Cornerstone Lending
267 992 7276
VOTED BEST OF BUCKS 2010
0 votes
Dawn Kephart, Agent, MT POCONO, PA
Mon Sep 19, 2011
BEST TO TALK TO A MORTGAGE PERSON WHO HAS SEVERAL PROGRAMS.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Sep 18, 2011
Consider improving the score a bit more, the better the score the better the rate; however without your overall financials, do visit with any loan officer; after reviewing your information, a determination on qualification can be made; at the very least, if you don't yet qualify, you'll know what needs to be done in order to be eligible in the near future.
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Suzanne MacD…, Agent, Succasunna, NJ
Sun Sep 18, 2011
You probably need to do just a little work on the credit score. The best thing you can do is talk to a good mortgage banker. They will be able to tell you what you can do today and, if there is work that needs to be done, what to do and how long after that you can expect to qualify for a mortgage.

good luck, it sounds like you are close. Probably just need a little work on that credit score.
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