FHA loan requirements/does spouse have to be on loan?

[TimtheGuy]

Originally Posted by renriq02

FHA or conventional?

either.


...

[SP86]

Question: My husband and I are wanting to buy a home. We know that with both of our incomes we can afford a nice home due to how we are paying now in rent for an apartment. The only problem is I ( the one with a bigger income) have a horrible credit score. In the past I got credit cards that I couldn't afford. I recently just paid them all off. My husband has a good credit score. We will both need to be on the mortgage to get approved for how much we want to. How hard is this going to be with my bad credit? How fast does your credit go up after paying them off? What will we need to do to get approved for a good FHA loan? Thanks

[ldenton]

Originally Posted by SP86

Question: My husband and I are wanting to buy a home. We know that with both of our incomes we can afford a nice home due to how we are paying now in rent for an apartment. The only problem is I ( the one with a bigger income) have a horrible credit score. In the past I got credit cards that I couldn't afford. I recently just paid them all off. My husband has a good credit score. We will both need to be on the mortgage to get approved for how much we want to. How hard is this going to be with my bad credit? How fast does your credit go up after paying them off? What will we need to do to get approved for a good FHA loan? Thanks

Your first step, would be to go talk with a lender or broker..they will be able to tell you exactly what your options are...

[Briolat21]

Depends on why you have a low score?? If its because of late payments, etc.. then after a certain amount of time (I do not know what it is) they'll come off and if there are no other dings against you - your score will improve.

If the reason your score was low was simply because of debt:income ratio - then paying the cards off will increase your score very quickly - as soon as the new figures are filed with the agencies.

[drjones96]

Originally Posted by vday2004

Hello,
My husband and I just got married in december and are looking to buy a home. First time buyers. My question is do we have to include my name as a co-borrower? Do they look at my credit score? That's where I'm worried.W e also be looking to use FHA.

First hand experience here: No.....unless something changed recently....you do not have to be listed on the loan.

[JoycMarr]

I have a FHA loan and my husband is not listed on the loan. Nor did they run his credit score. On the flipside, I wasn't able to claim his income to qualify though.