Posted on: 22nd Jan, 2014 10:02 pm
Hello there... I have a credit score of 702 (middle score). My income is $65,000. My husband has an income of $44,000 and his credit is in the low 600s. We want to buy a property which is now valued at $299,000. What options do we have now?
Hi Guest!
Welcome to the forums!
As you have a higher credit score, it will be better if you could apply for a mortgage in your name. You will be able to qualify for better interest rates for the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
As you have a higher credit score, it will be better if you could apply for a mortgage in your name. You will be able to qualify for better interest rates for the loan.
Feel free to ask if you've further queries.
Sussane
You didnt mention how much you have as far as monthly debts - without this number we cannot say if you will or will not be eligible to buy at the amount you listed. In your scenario if you were to qualify on your own you would have the option for either FHA or conventional (fha is 3.5% down conv is 5%) If you need the additional income you will likely be limited to FHA - as long as two of his scores are over 620 there are plenty of lenders that will work with him -
Hope this helps
Brian Barnes
ENG Lending
National Lender
Hope this helps
Brian Barnes
ENG Lending
National Lender
Your credit score is really good in order to apply for a loan. Also, you have a good income. But your husband's credit score seems to be low. What you can do in this situation is to take out the loan in your name. Thus, you may be able to get the loan at a suitable rate.