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I recently starting applying for a pre-approval for a USDA Guaranteed loan. I live in a community property state (Arizona). I am planning to do a spouse only loan and not list my husband because his credit is poor. We are recently married (February 2011) and all of his debt/poor credit is from 2007.
I started the application over the phone and he pulled my credit report and score and everything on my end seems fine. He did tell me though that they will need to pull my husband's credit report to see about any possible liabilities. Does anyone know how this works? I know that they can't use his credit score against the loan application but something about them being able to factor in his debt to consider my eligibility?
If anyone could explain, I would appreciate it. His poor credit stems from a few credit cards that he let go to collections (maybe 1500 in total), and two loans he defaulted on through a credit union (one was 300 and the other 4500). And it is all from 2007.
If it helps, my credit score median number was 648 and my income is 40,000 a year. I have a car loan of 369 a month, student loans of 300 a month, and credit card min payments of 100 a month.
How do you think this will impact my ability to qualify and how much I may qualify for?
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