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sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

me and my wife are first time home buyers and we are trying to get a loan.. but this is the problem i've been on my job for 3 years and my credit is getting worked on but it's not that good.... but my wife however has perfect credit but no job....what do we do..

jnoa · Posted: Tue Jun 02, 2009 10:04 am Post subject: Ideas

I can't say from the information you gave, but it is possible that you qualify for an FHA mortgage depending on your scores, your income, and the purchase price of the home.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

sunil87020

You want apply for the loan jointly. But since your wife do nto ahve any income, it may help in any way much.

Lender look at not only the credit score but also your income and DTI - Dent to Incoem Ratio when approving for a loan.

As of now, probably you are better off workign on improving your credit, since the market is still goign down and probably not expected to go up for atleast 2 -3 years.

Good lcuk and feel free to ask.

kbkevin2009 · Joined: 28 Jul 2009 Posts: 68 17.69 Dollars($)

Hi Sunil87020

if you would have mentioned your credit then it would be easier to answer your question... If your score is 600+, then you can go for FHA loan, but other factors also determine your eligibility...

Best option for you would be to talk with local lenders and briefly describe your situation... They can provide you with better solutions....

All the best

gmakerley · Posted: Wed Nov 18, 2009 9:48 am Post subject:

indeed, what your credit score is at the moment is the most critical piece of information needed to give you a reasonable opinion on your chances.

you can certainly apply on a joint basis - your wife's lack of income won't be an issue as long as your income can carry the mortgage. as long as your credit isn't awful, you two may well qualify.

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first time home buyer.........