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Hi there,

I had a bid accepted for $667,000 and I plan to put up to 50% down. My credit score is in the toilet - about 620 middle score - but I make about $92K per year. I have made some really bad decisions with my finances in the past. My husband has been out of work for 8 months but he thinks he should have a job for about $100k in the next month. His middle credit score is 700. In the last week or two, I paid off all of my credit cards and resolved a deliquent account (medical collections) on my credit report.

How long will it take for my credit report to reflect the new 0 balance on the credit cards and the removal of the medical collection?

What are my options for a loan? With no income but a higher credit score, does it make sense to keep my husband on the loan or should I try for it by myself?

Thanks to whomever responds.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

the three main factors in getting a loan are credit score, equity/deposit and ability to service the debt.

Your income is good, and your deposit of 50% means lenders can have some confidence that they will be able to recover their losses in the event of a foreclosure. Your credit score isn't flash, but a lender may be keen to work with you given the other two factors. If your hubby gets the job and starts earning too, then it will help quite a bit provided he's also on the note.

Your credit score will take time to come up, but it will happen. As a first step I'd consider looking at some of the online mortgage quoting sites. This will act as a good initial run and show you what sort of response you could get in the "real world". It'll also give you an idea of which lenders are more flexible than others.

raymond · Posted: Wed Jan 27, 2010 7:47 pm Post subject:

>>How long will it take for my credit report to reflect the new 0 balance on the credit cards and the removal of the medical collection?

Approxmately 30 days.

>>With no income but a higher credit score, does it make sense to keep my husband on the loan or should I try for it by myself?

Your FICO score will be higher shortly, but you should put him on the loan application anyways, as a non-borrowing spouse, so he can be included on the Title when the loan funds.

tfaulhaber1 · Posted: Thu Jan 28, 2010 8:36 am Post subject: CREDIT SCORE AND DOWN PAYMENT

How long will it take for my credit report to reflect the new 0 balance on the credit cards and the removal of the medical collection?
You can ask your lender to execute a "rapid rescore" to immediately update your credit but, it might have a negative effect. If not, Ray is correct in saying 30 days.
>>With no income but a higher credit score, does it make sense to keep my husband on the loan or should I try for it by myself?

Unless your husband is working, he really doesn't bring much to the table right. If you're looking for a no doc loan, then his credit score will play a major role. At a 620 score, you should be able to get a pretty good interest especially with a large down payment.

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Qualifying for a mortgage: 50% down and hubby with no job

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