My husband has a poor credit score (527) and mine is excellent, can we buy a house?

I%26#039;d like to know if they only look at the lower of the credit scores or average the two. What else do the banks look at when giving mortgages? Is there a way to quickly raise my husband%26#039;s credit score? Thanks!!

My husband has a poor credit score (527) and mine is excellent, can we buy a house?

You should be fine. You need to be the primary borrower and him the secondary. There is a big diference between a mortgage broker and a mortgage company. Expect to pay higher fees from a broker. Also, if you make more money and you have never owner a home in your name your state should have a ton of 1st time buyer incentives. You don%26#039;t need 20% down if you have a good score and any banking lender would be happy to have you. If you need both incomes, some banks will alow him if he is only the secondary but it can effect your interest rate. Do not apply online for a loan. These places will give you 25-30 hits on your credit and will lower your high score. Start by going to www.hud.gov to find out baout their first time bomebuyer programs. You can also go to www.salliemae.com and fanniemae to find more information on rates and programs.

Good luck!

My husband has a poor credit score (527) and mine is excellent, can we buy a house?

I can tell you that my husband had a very poor credit rating and mine was excellent and we just closed on the house of our dreams in July!

If you can muster a sizeable downpayment (I think it%26#039;s 20% or more) of the purchase price of the house, you can run what mortgage lenders call a %26quot;No Doc%26quot; loan. This is what my husband and I were able to do.

As for the particulars, I%26#039;m unable to explain %26quot;how%26quot; it works. But by all means, consult a mortgage lender to determine if this option works for you. It%26#039;s also a good idea to consult them first anyway to determine how much house you can AFFORD! :)

Good luck! Hope this is at least encouraging, if not helpful.

My husband has a poor credit score (527) and mine is excellent, can we buy a house?

I had the same problem. If you have an income %26amp; the mortgage company approves you, you can put the mortgage in your name only but the title in both of your names. This is a no-doc loan. Then, only your credit is checked on the mortgage. This is what my husband and I did because the interest rate would have been higher when they combined both of our credits. You should call several mortgage companies to see if and how they can work around this. We tried this site too for quotes...http://loan.divinfo.com/

Or your husband could try a credit repair company. It%26#039;s not free, but it would help his credit. Try http://creditrepair.divinfo.com/

My husband has a poor credit score (527) and mine is excellent, can we buy a house?

Go with a Morgage company. My score wasn%26#039;t great but it wasn%26#039;t poor either and I bought a house. Try Countrywide. Good Luck!

My husband has a poor credit score (527) and mine is excellent, can we buy a house?

They look at all 3 of yours and all 3 of his, then go off the lower of the middle, which will be your husbands.

Apply in just your name and go with a no-income doc or stated income doc for the loan. This way, you can still factor in your husband%26#039;s income, but not use his on the loan. Rates will be slightly higher, but at least you will be able to get qualified. With a 527, unless you have a substantial down-payment, you won%26#039;t qualify.

My husband has a poor credit score (527) and mine is excellent, can we buy a house?

In most cases, it%26#039;s the credit score of the lead income earner that is used, but, as mentioned above, there are no doc loans out there. There are also other types of loans out there that offer better interest rates than the no doc loans where you would be able to use your credit score rather than your husbands.

And a 527 is workable, although the interest rate on the loan might not be pretty, and there would be other factors that would need to be satisfied if to have the loan approved.

As to raising his score, I would need more information about his situation, and financial status to be able to answer that.

If you have more questions, or want a little more info, email me or check out our website.

Thanks for reading!

Kevin

Baconshmals@yahoo.com

http://aapexfund.com

My husband has a poor credit score (527) and mine is excellent, can we buy a house?

Yes, you can buy a house. Now, as to the HOW: If you only use your credit score you can go with either a Stated or No Doc (no documentation loan). If you have enough $$$, either through income or assets in your name, then that will make everything MUCH easier. Usually, men make more $$$ but have a worse credit score than women. As long as you have a bank account in your name and enough $ in the account for at least a couple of months you should be good to go.

To %26quot;quickly%26quot; raise your husband%26#039;s credit score: Make sure his debts are only around 1/3 of his potential cap. Ex. You have a $9,000 limit on your credit card. Make sure you only have a balance of $3,000. Also, make sure he%26#039;s paying consistently every month. Also, build up his history by keeping only 2 or 3 cards max and using them for years and years.

One of the best ways to use a credit card is to use the %26quot;pre-paid%26quot; credit cards where you put cash in them (similar to a phone card) and only use them until they run low. The best thing about these is that they report to the credit card companies every month so they will improve your credit score. They also prevent you from becoming a debt slave so they%26#039;re good to use in general.

Clean up his credit report: Order a credit report and look through everything. At the back of your report you%26#039;ll see a list of the companies and the addresses %26amp; phones #%26#039;s to contact them. Write these companies and dispute the claims. As you do this, they%26#039;ll have to update the credit report while they verify your claims. The companies won%26#039;t be able to count anything negative %26amp; that will bump your credit score long enough to get your home if you move quickly. This is also how you clean up your credit anyway so it%26#039;s a good practice for everyone to do this and learn more about the entire process. Then teach your friends.