My wife are I want to buy a home. My wife's credit is slightly better than mine (Good) and mine is right at Average.

Asked by Christopher Harris, Chattanooga, TN Thu Jul 11, 2013

How will this effect getting loans. My wife is a school teacher of 7 years and I work for the city. We both have steady income and have never been late on payments or loans. We just have the issue of starting to build credit from no credit. Are both are credit scores taking into consideration? We have hardly no debt but it just seems so slow trying to build up our credit so we can purchase a house while the markets good.

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ryateslenders, Agent, Plano, TX
Mon Nov 18, 2013
Yes you can go FHA with a 580, I can refer you to a lender or two that can probably help you out.
1 vote
Glenda Morris, Mortgage Broker Or Lender, Brentwood, TN
Thu Sep 12, 2013
Sound like you may qualify --perhaps for 1st time homebuyer program. 620 credit score with low debt-to-income ratio is all you need. I am originally from Chattanooga but left many years ago. I get back often to visit my mom and I have realtor that I work with in Chattanooga. I have been a loan officer for over 11 years and very successful and can close purchase loans in most southern states. I reside in Nashville, TN and work for First Community Mortgage - a Tennessee-based LENDER.

Our UNDERWRITERS are house in Murfreesboro and I can close loans in 30 days or less. Please contact me at my office at 615-938-7503 (direct), cell (615)482-6012 or TOLL FREE-877-839-5988, ext. 235.


Thank you.
0 votes
Victoria God…, Agent, Chattanooga, TN
Thu Jul 11, 2013
One reason your wife could have better credit scores is ,usually the husband is the first name on large credit purchases. Therefore , she has less heavy "hits". Try local. Lenders. Each mortgage broker has a variety of loans. Establishing your purchasing power is your first step in knowing when and how much you can purchase. In the current market, it might even be necessary to have your chosen lender give you a pre- approval letter to attach to the offer when you find the home that suits your needs/wants. If I can help you along the way to your purchase, please contact me.423-304-7420/ I am an agent with Keller Williams realty down town .
0 votes
Maria Chavez, Agent, Chattanooga, TN
Thu Jul 11, 2013
Good evening Christopher, there are programs for first time home buyers that you and your wife may qualify for. I would love to help you find your home and also advise you on how to apply for a mortgage. Please feel free to contact me at 423-774-1710 any time.
0 votes
Donace Dill…, Agent, Chattanooga, TN
Thu Jul 11, 2013
A good local lender can answer all these questions. They can structure the loan to use both or only one score. Sometimes job history and outside payments like rent, utilities can be used in establishing credit. Good luck, if I can help, please contact me. Thank you.
0 votes
Good point! My Father flips houses and the current house we have lived in is one of his flipped properties. I have chosen to look for a bigger home instead of buying this home and reselling it myself. Question I have is if we have paid him rent for 6+ years is there still a way he can report our on time payment good history to a credit agency or is it to late?
Flag Fri Jul 12, 2013
Thomas Moser, Agent, East Northport, NY
Thu Jul 11, 2013
Yes, they will take both credit scores into consideration. From what you describe it sounds like you should not have a problem. But, I would suggest that you speak with a mortgage professional who can assess your personal situation.
0 votes
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