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folcka · Joined: 15 Feb 2010 Posts: 1 1.59 Dollars($)

My husband and I are looking to buy a house (first time) in the next year or so. My credit score is 649 and his is 542. He had some deliquent student loans that we are currently trying to take care of. Everything we own has been in my name because of this and I was wondering if we would still be able to get a mortgage. I make sure to pay everything on time every month, I think my credit score isn't better because of my high amount of student loans. The amoung we pay in rent every month could easily be a mortgage payment. We make roughly the same amount of money each year but I don't think I would be able to just take the mortgage out in my name because everything else we have is in my name. What can I do, if anything?

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

HI Folcka,

In my opinion, If you planned to buy new house in next year, You may apply for FHA Loan ( Federal Housing Administration). It requires minimum 620 credit score, Most recent bank statements from bank, 3.5% of loan amount for down-payment, good credit history & other few requirements of lender. Then you will be eligible to get FHA loan.As you say your husband has 542 Credit score i think he need to improve his credit score. As you say he have some student loans never make late payments. It Will harm his current credit score.

As you say you & your husband buying home first time, check yourself if you eligible to get first time home buyer tax credit. As you say everything on your name, its doesen't matters.

Thanks & Regards.
gunz.ijjistaff

teddysenyo · Joined: 15 Feb 2010 Posts: 1 1.17 Dollars($)

I can help you get a Loan from a private Financier,you only pay a small percentage of interest on the Loan,the best of it is you will get to decide the actual time convenient for you to re-pay back the loan.You can get back to me for us to discuss the details if interested.

I just want to help.

Thanks & regards,
Teddy.

Guest

I can't post the link apparently, but google "fha approved lender" and go to the very first hit "HUD FHA Lender list" - and look up an approved fha lender in your area. My credit score is in recovery (and is actually above 620 now), and my husband has fairly "new" credit and we were able to be preapproved recently.

gmakerley · Posted: Tue Feb 16, 2010 10:32 am Post subject:

having "fairly 'new' credit" might mean he had sufficient credit and it was favorable enough to allow a lender to approve a loan. unfortunately, with a 542 score, the possibilities are so limited as to be non-existent.

i urge you to beware of anyone who claims to have access to "private financing." the interest rate will be prohibitively high, and you'll not be happy with that, i am sure.

Posted: Wed Feb 17, 2010 6:56 am Post subject:

Funny, I'm in the same position, my score is 651, and my husband is 520 because of his student loans. My question is can I get a home loan under my name only, as he's fine with that situation?

gmakerley · Posted: Wed Feb 17, 2010 9:08 am Post subject:

as long as your income is sufficient, guest, you can certainly borrow by yourself. of course, you need assets, too.

Guest

I am looking to purchase a manufactured home. My husband and my credit scores are approx 635. We did file bankrupt back in 2004 and are just looking to see if we could get approved.

gmakerley · Posted: Wed Feb 17, 2010 10:11 pm Post subject:

your scores are in order, melissa, so go for it. now the tricky part is finding a lender - not too many lenders are in the manufactured market. your best bet is an fha lender - shop around for one. and if your seller has any contacts, check them out.

Guest

Hi similar to the other post, we bought a house with my wife being the only one on the loan using her credit along with my income (don't know if this was right or not) but now the house is upside down and since then my credit has approved and I've been pre-qualified without my wifes name and I'm thinking about buying another home as our primary residence. If she forecloses her current loan will that effect my chances or borrowing for another house?

Niicss · Posted: Fri Aug 06, 2010 1:57 am Post subject:

If your name is not mentioned on the mortgage docs of your wife's name, then foreclosure on that property won't affect your chances of borrowing for another house. You would be able to get a mortgage depending upon your income and credit scores.

gmakerley · Posted: Sat Aug 07, 2010 7:53 am Post subject:

How she was able to use your income to qualify for the original loan baffles me, so that's something that kind of hangs there in my effort to answer your question. If you are truly uninvolved in the existing mortgage debt on your current property, then you can certainly move forward with your plan, assuming that you are also not an owner of the current home. Of course, if you have any ownership interest, a foreclosure will severely harm your credit.

What baffles me most is how people fail to know whether or not they are owners of property, or if they're obligated on a loan note.

Truly, these are things that people cannot afford to fail to know about.

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