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Replies (9)
- Linda Rozales, "Lrozales"
- Contributions:245
Talk to a reputable lender within your area. The lender will need all your financial information and or course run your credit. You have nothing to lose.
- Ken Brown, "KenBrownRealtor"
- Contributions:29
If you are applying for the loan by yourself, then the bank has no logical reason to run your husband's credit. However, the bank is the one with the money, and "whoever has the money gets to make the rules".
- Brad Young, "Brad Young1"
- Contributions:26
You can certainly qualify by yourself. If you are buying the home then only your credit score will be used to qualify for the loan. The sales contract will only have your name on it and the title will only be in your name. After you close you can add your husband by recording a new deed at the San Joaquin County recorders office with both of your names on it. Only your income and financial information will detrmine how much of a loan you can get. They will not be able to use your husbands income to qualify. Everyones credit score is separate and unique to them, credit scores are not combined between husband and wife. I hopes this help you get a loan.
Brad Young
Brad Young
- Teresa Howard, "YourPreferredAgent"
- Contributions:55
I'm not a loan officer and recommend you speak with a lender. However,
If you remove your spouse from the loan appliation altogether, you might not qualify for as as big a mortgage as hoped for because the loan amount is based on his or her income alone. However, if the spouse with the bad credit is bringing home the bacon, that may reduce the chance of securing a mortgage at all. Don't give up hope, you can always delay purchasing a home and take steps to repair yours or your spouses credit score.
- Sinead McAllister, "Oceanside Specialist"
- Contributions:142
Hi StaceyQ,
In California credit is not shared, but debt is. I would definitely talk to a lender about your options.
I would also explore your legal options with transferring title after closing as some agents have suggested. Technically, the bank does not approve that and might be able to call the loan. Please be dilligent in exploring your options before you choose a course of action.
In California credit is not shared, but debt is. I would definitely talk to a lender about your options.
I would also explore your legal options with transferring title after closing as some agents have suggested. Technically, the bank does not approve that and might be able to call the loan. Please be dilligent in exploring your options before you choose a course of action.
- Deborah Garvin, "loanmonarch"
- Contributions:438
Stacey, You certainly can buy a home under your own name and with only your income. FHA will require credit to be pulled on your husband and any additional debt he has will be included in your debt to income ratios. This is done because CA is a community property state and you are both technically responsible for each other's debt. Conventional loans with a 20% may not have the same requirement; however, you best course of action is to talk with a mortgage professional and get preapproved.
- Donna Hines, "DonnaHinesHoustonRealtor"
- Contributions:13
Stacy ... your loan situation will vary by loan type and lender. some require both husband and wife on the loan documents, after all you are married ! Others will only require the person on the contract. In Texas, even if you are not on the loan, you can be added to the deed at closing, since this is a communal state.
- Frank Shaw, "Under640FicoScoreLns"
- Contributions:79
YES, you can qualify with just your scores although you will have to qualify with the combined debts of both you and your husband as California is a community state and that may be an issue in debt to income ratio. As a lender whom is on your side to accomadate your circumstance and by knowing your husband has issues doesn't mean that the lender is doing something wrong as that is how it is done. Now if your husbands information was turned into the underwriter, then it could become an issue. You would need a minimum of 580 fico for the CHF Access half percent down FHA 30 yr fixed rate purchase loan for CA only although there are most lenders requiring a minimum of 620-640 fico scores to qualify. It only takes a few minutes and a few dozen questions to qualify you and issue a pre-approval to get out shopping for the home of your choice...
- Frank Shaw, "Under640FicoScoreLns"
- Contributions:79
What defines bad credit is no 30 day lates in the last 12 months, BK 2 yrs old, foreclosure 3 yrs old so there are many lenders that require the minimum 620-640 fico scores that are hard to qualify but then there are lenders whom require a minimum 580 fico with half percent down, yes that is only $500 down per $100k borrowed. Credit repair can sometimes be done easily to get scores up within 45 days for free. Just have to be questioned to qualify to know exactly what the individual situations are to resolve what issues are at hand. Everyone can qualify for a loan within time limits of each situation being the maximum 3 yrs from a foreclosure...
You can add your husband to the title the same day you close the loan if that is what you want to do ultimately...
You can add your husband to the title the same day you close the loan if that is what you want to do ultimately...
Can I qualify for a better loan by myself if my spouse has bad credit?
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