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livvyc · Joined: 01 Oct 2009 Posts: 2 1.47 Dollars($)

Hello, I am married, and have owned my home for 5 years, my husband is not on the loan, I have significant equity in the house, but I have bad credit. My husband's credit is better 630 ish FICO, but he has tax liens. Would we be able to qualify and pull any money out? Could he be my co-signer? thanks!

JKennedySLG · Posted: Thu Oct 01, 2009 2:58 pm Post subject:

You mentioned you have bad credit. What is your definition of "bad"? In order to refinance, you will both need qualifying credit scores which are typically 620+, but there are a handful of lenders regionally doing down to 580 range. Now, if you do both qualify credit wise, you would need to have enough equity to clear all of the tax liens in order to close on the loan. Unless, you can take care of the liens prior to closing. I hope this helps...

Posted: Thu Oct 01, 2009 3:24 pm Post subject:

Yes, that is very helpful. I think my score might be lower than that, I have late payments and collections in the past. I never thought about using the equity to pay down the liens, I think we do have enough equity though. Do you offer this kind of service?

livvyc · Joined: 01 Oct 2009 Posts: 2 1.47 Dollars($)

It's me again, I just check my credit score and my mid FICO is 594 (my husband's is around 625), so maybe this is possible. Do you think?

smithsussane · Posted: Thu Oct 01, 2009 8:11 pm Post subject:

Hi livvyc!

Welcome to forums!

With a credit score of 594, it would be difficult for you to qualify for a loan. You should have at least a credit score of 620 in order to qualify for a loan. As far as your husband's credit is concerned, he may qualify for a loan provided he does not have much negative items in his credit report. You can check out the following page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Feel free to ask if you've further queries.

Sussane

eric1 · Posted: Fri Oct 02, 2009 5:20 am Post subject:

A couple of things...

1. Even if you get a co-signer, the banks will still use your score because it is lowest. They use the lowest middle score of all borrowers on the loan.

2. A co-signer (especially one who is not on the deed) is rarely a good idea....especially if the cash flow of the primary borrower is barely enough to carry the expenses.

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