my credit is not that good but my wife has good credit would this still stop us from purchasing a home even

Asked by Kenny, Denair, CA Fri Feb 6, 2009

with 3 incomes

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Robert Chome…, , San Diego, CA
Tue May 21, 2013
If you are going to be on the loan with your wife, the lender will base the loan off your score, not her's. Lenders base the loan off the lowest middle score for all borrowers on the loan. If your credit is too low to get a loan, perhaps she can qualify just on her own without you on the loan?
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Rick McGrath, Agent, Modesto, CA
Tue May 21, 2013
As more and more families are trying to recover from the market's crash, loss of employment, etc, many are asking the same question. I believe you need to sit down with a strong lender and Realtor who can access your individual situation and if nothing else, put a strong recovery plan together for you to follow so you can obtain financing to buy that home!
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Tammie Peters, , 95120
Fri Feb 6, 2009
Hi Kenny:
It depends on what not so good credit is. An FHA loan may be an option. If the loan amount your are trying to get is under $362,790, you can have a credit score as low as 580. If the loan amount is more than $362,790, you would have to have a score of 620 or above. If you would like to talk more about this matter, feel free to call me or email me at your convenience.

Tammie Peters
The Loan Source
0 votes
adam Dalton, Agent, Turlock, CA
Fri Feb 6, 2009
Hey Kenny-

The best thing to do is to get in touch with a good local lender to discuss your needs. The lending institutions are looking at many different variables when determining whether to lend at at what rate. Income, credit score, debt to income ratios, down payment and work history just to name a few. As a realtor in the Turlock area, I have several lenders you can talk to, including the one who helped me buy a Denair home last year. If you want some contact names, just email me and I'll send those over to you.

Best of luck,
Adam Dalton, Realtor
Century 21 M&M and Assoc.
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Luke Allison, , Asheville, NC
Fri Feb 6, 2009
Define "not that good." Different borrowers dfefine it differently. From a lender's perspective, anything above a 600 is good nowadays for at least an FHA approval. I can get an FHA file submitted as long as the lowest mid-score is 550 or above.

And to answer your questions, yes, 3 incomes will do more to help you qualify.

If I can be of any assistance, please let me know.
Luke Allison
Flagstar Bank

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Barbara, , Butler County, PA
Fri Feb 6, 2009
It seems reasonable enough: If your credit is bad but hers is good, why not just apply for a mortgage using only her good credit score? The trouble is, if you submit only one partner’s information on the mortgage application, the mortgage underwriters will only consider that partner’s income and assets in determining whether to approve the loan. Usually, couples count on their combined income and assets to afford a home.

If the partner with good credit cannot afford the loan on his or her own, you’ll need to apply using both of your scores. That means a more difficult road to approval and much less favorable loan terms.

But, different lenders have different programs....check with your local lenders. Also keep in mind that the deed will only reflect the name of the borrower until at such point in time the other name can be added.
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