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dtumlin90 · Joined: 17 Feb 2011 Posts: 1 1.32 Dollars($)

I am half way through with my mechanical engineering degree and about to get married. My soon to be wife makes around $25,000 a year and I make $16,000 working part time at a good job, while attending college. We would like to buy a house around 140K and put down a 25K down payment. The problem is, my soon to be wife has around a 570 credit score from a car repo about 4 years ago. I on the other hand have great credit but would we be able go get a loan with her having bad credit?

jveenstra · Posted: Thu Feb 17, 2011 4:58 pm Post subject: Buy

You will not be able to use her income with a credit score of 570 for a conventional loan and your income would not qualify by itself to purchase a $140,000 property with $25,000 down.

That would be a mortgage of $115,000 and that would be an 18% down payment which would require Private Mortgage Insurance (PMI) for a conventional loan (which is not possible because one needs a credit score of at least 660 or higher to get PMI). (And with 20% down and no PMI required, still need a score of 620.)

That leaves FHA and there are a handful of lenders who do FHA down to scores of 570 or lower. You will have to find one if you want to do that.

If you have no other monthly debts on the credit report, you should be able to get a mortgage maybe $120,000 or a little lower.

The car repo had better show no balance owed on the credit rpeort. Did you check?

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Can me and my wife get a house with only my income on the books?

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