Posted on: 19th Nov, 2013 01:14 am
My FICO score is 728 and my wife has a score of 605. We will be able to put around 45% down. Will we able to get a mortgage in this situation?
Hi Mcphee,
You can get a mortgage alone with your credit score. Your wife has a poor credit score and it will be difficult for her to include her name in the mortgage docs.
Take care
You can get a mortgage alone with your credit score. Your wife has a poor credit score and it will be difficult for her to include her name in the mortgage docs.
Take care
For qualification purposes, most lenders require a minimum credit score of 620 these days.
The score they use is the lowest of the two middle scores. There are three credit scores and each of you has a middle score.
If your middle score is 728 and hers is 605, the lowest middle score is 605.
Her score would be used for both qualification to even apply for a mortgage and also for the rate/pricing of the mortgage.
There are some lenders who do FHA mortgages with a 605 credit score. With that large down payment, you would be able to do an FHA mortgage with some lender, there are only a handful that do it.
FHA mortgages have limits based on the county in which the property is located. So, an FHA mortgage is doable as long as you do not need a mortgage that exceeds the FHA county limits.
The score they use is the lowest of the two middle scores. There are three credit scores and each of you has a middle score.
If your middle score is 728 and hers is 605, the lowest middle score is 605.
Her score would be used for both qualification to even apply for a mortgage and also for the rate/pricing of the mortgage.
There are some lenders who do FHA mortgages with a 605 credit score. With that large down payment, you would be able to do an FHA mortgage with some lender, there are only a handful that do it.
FHA mortgages have limits based on the county in which the property is located. So, an FHA mortgage is doable as long as you do not need a mortgage that exceeds the FHA county limits.
John gave some excellent information. Do you need your wife's income in order to qualify for a mortgage? Are you looking for a loan over the FHA limit in your county? Let's discuss your options. We lend nationwide.