First Time home buyers and credit...

Guest 0.10 Dollars($)

Hello,

My husband and I want to start looking for our first home...His credit rating is in the mid 800's, mine however is around 603.

Would you suggest we apply for a mortgage togethe ror separate?

And if we do apply together could we still get approved with my lower score?

Thank you.

Samantha · Posted: Tue Jun 20, 2006 4:04 pm Post subject:

Hi Jen,

Welcome to MortgageFit Forums.

The difference is too much between you. I shall advise you to let your husband qualify for the loan alone in his name provided he is the principal earner and his income allows him to qualify on his own.

This will help you to get a much lower rate of interest on the loan. After you are approved for the loan you can get yourself added to the deed with the lender's approval.

Feel free to ask if you have any more queries.

God bless you.

For MortgageFit,
Samantha

blue · Posted: Tue Jun 20, 2006 4:51 pm Post subject:

For Sub-prime however the spouse making more money is the one that will be used to determine.

If one spouse has a high score but the income is much higher for the other spouse then it's better to go stated.

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