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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
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...
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.
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.
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.
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
As far as affordability obviously 2 incomes are more than one.... but there is no requirement to include the spouse on the note i.e. the mortgage loan application. You can include the spouse on the deed/title though.
Good luck.
If you live in ohio I know for a fact both spouses DO NOT need to be on the loan. But the spouse not on the loan has to sign a paper stating they release thier rights to the property. Also FHA will finance someone with a fico score of 580. But most have no late pays for the past 12 months, or reposseions in the 36months.
how quickly can you raise your credit score? Mine is 578, mostly due to medical debts from years ago and school loans. If i paid of a few of those debts, would it immediately raise my credit score or does that type of thing take time?
Last edited by bethanymaria22; 03-14-2012 at 11:36 PM..
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Mortgages loans with both spouses
