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Can we qualify for an FHA loan jointly?

Profile picture for kevin332
I have a credit score of 570, she has a credit score of 810.  My credit score is low due to past collection accounts and a repossesion.  I have been working on my credit score for about the past 2 years with no late payments.  I have a car loan that was paid off in November 2010 with no late payments over the life of the loan.  I now have 2 revolving credit accounts that have no balance or a low balance (under $200).  I still have a couple of collection accounts that I am working to pay off.  My fiance has never had a late payment on any of her accounts.  She has a car loan that will be paid off in March of 2012.  She also has 2 credit cards that have minimal balances in them.  The main problem is that I make 90k a year and she makes 45k a year.  So my question is, that with my low score and higher income, can we still get approved for a joint FHA loan?
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January 15 - Elko
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Answers (4)

Profile picture for GMerino

In the state of Nevada it is a community property state so she would be able to apply for a mortgage on her own but would need to qualify with your debt.  I recently did a loan in Arizona where one spouse applied and we had to pull the husbands credit.  We did not look at the credit score but did use his debt to apply on the loan.  Therefore, it is possible.  How much of a loan are looking for?

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January 16
Profile picture for CapstoneBroker
You are close with your current credit score but not quite there yet. We have lenders that will process your loan with a 600 FICO score so you would need to bring your score up 30 points.
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January 16
Profile picture for Plano Mortgage Guy
In a short answer...No.  Remember, FHA guidelines say that the minimum credit score for FHA financing is 580 for ALL borrowers.  Yes, there are some lenders that "say" they will lend on FHA down to 580, not many can actually deliver due to increased FHA scrutiny brought on themselves by lending to those with credit score below 620 or 640.  FHA pays particular attention these days to a lenders default rate, that is, what is the performance or payment history of those loans that were approved by this lender on credit scores less than 620.
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January 16
Profile picture for NevadaShortSales
I would get in contact with a good reliables lender and have them answer that question. It is great that you are working on clearing up past credit issues but you may want to stay out,of the process until,that is complete. .

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Thank You Suzie Marquard
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January 16
 

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QuestionCan we qualify for an FHA loan jointly?
  • Latest answer by Geofrey Merino
  • January 16
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