we have 2 incomes but my husband has bad credit. can I get a

db260028655 · Joined: 13 Sep 2007 Posts: 1 1.30 Dollars($)

in our house hold we have 2 incomes. 1 has good credit 1 has bad credit. Can we still apply for a mortgage

ckalvesmaki · Posted: Sun Sep 23, 2007 7:12 am Post subject:

Can you give us a little more feed back on your scenario. What are the current credit scores.....income for each of you......what kind of loan to value do you need?

Guest 0.10 Dollars($)

Hi,

It is very common to have one co-owner with a good credit and another with a bad one. You can definitely apply for a mortgage but consult a professional before that. It is wiser to have the loan in the name of the person with the good credit so that he may qualify for the best loan and avail low interest rates. Still, both of you will be on title to the home and have ownership interest in it.

livinginnky · Posted: Mon Sep 24, 2007 2:11 pm Post subject:

Here is how a typical lender looks at this...

1. The better score needs to make the most money.
2. The lower score needs to make the least money.
3. If you share a bank account then you may be able to use that and then the income is blended.
4. The lower score cannot be below 500.
5. And as always you cannot have any serious judgements or tax liens.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Db,

I think it is better if only the good credit borrower apply for a loan. In that case, he can qualify for a larger loan amount with a better interest rate. Thus, the bad credit of another owner will not hamper in getting the desired loan program.

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