My credit score around 680-690. Full time job with $5500 take home after tax. My spouse don't have a credit history.

Asked by Sid, Jacksonville, FL Wed Nov 7, 2012

Will i qualify to buy a house just by myself(not including my spouse)? I can pay 10k down and looking at max 225k house.

Help the community by answering this question:

+ web reference
Web reference:

Answers

15
jrogers, Home Buyer, Saint Augustine, FL
Wed Feb 20, 2013
You appear to be a very smart gal, making that income. But, girl, a spouse with no credit history, let's think about that. Is there a legitimate reason? Or is he a free-loader? Whatever you do, talk to an atty. If divorce happens, he will be entitled to half the house even tho he did not contribute.....
Red flags everywhere.......
1 vote
Caleb Cooper, Agent, St Augustine, FL
Mon Mar 16, 2015
Call a local lender. You may qualify for FHA financing if this will be your first home purchase. Also, another option is USDA financing which provides 100% financing but the homes that qualify are in a specific zone. You can look here to see if the home you want is in this area: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
0 votes
Will Russell, Agent, Saint Augustine, FL
Tue Feb 24, 2015
It is possible. I would contact a local lender and discuss your loan options. You should also contact a local realtor discuss potential housing options.
0 votes
Gloria Young, Agent, St. Augustine, FL
Fri Dec 14, 2012
You should qualify for a FHA loan which requires a down payment of 3.5% of the sale price to purchase a home at $225,000. However, you need additional funds for closing cost and pre-paids unless the seller pays seller's concession.
If you need assistance on your husband establishing credit, you may call me for detail information at
Gloria J. Young
Certified Residential Specialists, Inc.
AllPro Realty Specialists, Inc.
(904) 739-9000
0 votes
Diane Leonar…, Agent, St Augustine, FL
Thu Dec 13, 2012
Quick ~ Call your favorite Mortgage Lender and get pre-qualified! It's the best way to know what you can really afford and gives you "peace of mind"..
0 votes
Gloria Young, Agent, St. Augustine, FL
Sat Nov 17, 2012
Yes, You should qualify for a home based on your credit score. How long have you been employed in the same line of work? It depends on your back-in ratio. Call Gloria J. Young at AllPro Realty Specialists for additional information to qualify for a home at $225,000.
0 votes
, ,
Thu Nov 8, 2012
If you wanted/needed to utilize your spouse's income, we could look at alternative credit in addition to your establised credit; otherwise, you should be able to afford a 225K home loan given that your credit report does not reflect anything negative, your debt to income is below 48%, and we can verify your income and employment history. Depending how much lender paid compensation you require (monies that can be applied toward closing costs) FHA rates range from 3.125% to 3.75%, but remember the upfront mortgage insurance is 1.75% and the you need to add 1.25% to your monthly payment Feel free to contact me at 800 315 8803 to discuss your options, I lend in FL.
0 votes
Edith Karoli…, Agent, Winnetka, IL
Thu Nov 8, 2012
You need to sit down with a good lender or banker, or two or three and put all your financials in front of them to see what program they have that could work for you. And they should be able to give you some
written estimate of the amount of loan you can get, how much down payment and closing costs you
will need etc. etc. get all the financial details first....

And then you can look, but careful a tidbit of advice, do not push yourself too hard, find a home that
fits your needs but within your affordability, you want to be comfortable with your monthly payments,
remember once you own a home, there will always be something to fix, to repair and to exchange and
buy new.... once you have the loan and financials straight find a good REaltor who will show you
what you will be comfortable with.... and then happy with your home.

Good Luck to you
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes
Jim Davis, Agent, Saint Augustine, FL
Thu Nov 8, 2012
Based on what you are stating, I would strongly suggest talking with a bank now. Currently, home prices do appear stable with an upwards trend starting. As Karen identified below, there are many programs available that you may be able to take advantage of. Interview several banks, start with one that you have the car loan with as you have credit history with them. Let them explain to you what your options are. Best of luck!
0 votes
, ,
Thu Nov 8, 2012
Find a Realtor you trust and have them introduce you to the local lender they trust the most, get pre-approved, not just pre-qualified. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference:  http://jamessimms.com/
0 votes
Karen Peil, Agent, Saint Augustine, FL
Thu Nov 8, 2012
Again -- you need to be talking to a person who specializes in lending -- they would be able to answer that question for you. That one year of credit history may or may not be worth the wait. If you have a relationship with your bank, that may be a good place to start. Karen Peil, Prudential Network Realty, 904-501-3070 karen.peil@prunet.com http://www.MyStAugustineHome.com
0 votes
Sid, , Jacksonville, FL
Thu Nov 8, 2012
Thank you all. Very helpful responses. My car loan under 5k and credit card debt another 5k. No other debt. Since my spouse don't have a credit history at all, is it better to build a credit for her next 1 year and apply for loan then? Or take advantage of the good market And rate now even if I have to pay PMI?
0 votes
Karen Peil, Agent, Saint Augustine, FL
Thu Nov 8, 2012
I agree with Jim, you need to talk to a mortgage banker/lender, because they are the ones who know the ins and outs of qualifying. There are programs with less of a down payment such as FHA, USDA and some lenders, such as credit unions, may have a first-time homebuyer program. If you need the names of some reputable lenders, please don't hesitate to contact me -- and good luck! Karen Peil, Prudential Network Realty, karen.peil@prunet.com 904-501-3070 - and visit my website to check out homes currently on the market http://www.MyStAugustineHome.com
0 votes
Jim Davis, Agent, Saint Augustine, FL
Thu Nov 8, 2012
You are married, so most banks will look at the two of you as one entity as the house would be considered a marital asset. Debt-to-income ratio is a major factor banks look at. This includes existing car loans, credit cards, student loans, etc.; and not just your debt but your spouses combined. Additionally, they look at length of employment and usually two years of income tax returns. More importantly, due to stricter banking regulations, a lot of banks request that you have 20% down payment. Which is a good idea anyway to prevent from paying PMI (private mortgage insurance). With that being said, don't let me discourage you. I strongly recommend that you interview a few banks, as there are loans like a FHA loans that you may qualify for and may have less restrictions. Do this and get pre-qualified for a loan before looking for a house. This will give you a good idea of what amount of house you can afford and what amount the bank would be willing to lend.
0 votes
Phil DeSimone, Agent, Hemet, CA
Wed Nov 7, 2012
Hi Sid

you should have no problem as long as you can show proof by a paycheck and your monthly bills are not over $3000 per month. Good luck as its a great time to buy!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more