Posted on: 04th Dec, 2012 11:45 pm
Hi… Need help!! I have a credit score of 701, my wife’s is 603. We have a combined yearly income of $45,000. We would like to purchase a home and stop renting. I have 25,000 available for a down payment. We would be looking at houses with a purchase price of 120k to 135k with yearly taxes around 3,500. Do you think we could get approved for a home loan? Should we wait 6 months and try to get my wife’s credit score higher?
HI Ciera,
With the credit score that you have mentioned, you might be able to qualify for a conventional loan However, your wife's score is too low and she may not qualify for the loan.
Thanks,
Jerry
With the credit score that you have mentioned, you might be able to qualify for a conventional loan However, your wife's score is too low and she may not qualify for the loan.
Thanks,
Jerry
You can use your own credit sore to obtain a home mortgage loan. With your credit score, you have high chance to get qualified for an FHA loan.
As you haven select your dream home to purchase so a little wait for getting sufficient score for your wife would be good. As with present scores it is only you who would get FHA loan.
Your credit score seems to be okay for taking out a mortgage loan. But, your wife does not have a good credit score. The best thing you can do is to wait for sometime so that your wife's credit score may get improved.