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Getting approved for a home and having bad credit?

We want to get a loan for a home that costs $79,000. My fiance has bad credit and a score just under 620.  He was told no by his bank for a loan. My score is over 700 but I dont work so I have nothing to back up the loan and cant get approved.  We are looking into owner financing and are not having any luck with liking any of the  houses available.  We have a little over 10% down payment, would that make up for his low credit score? Is there any way we could qualify for a bank loan if we applied together?
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February 05 2013 - Greenville
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Answers (3)

- If you have any collections or recent late pays(last 12 mos.) your goal should be two scores greater than 640.-

More than likely your husband needs to complete one or more of the following generic actions to gain a 620 or greater credit score.

1. Open a new secured credit card and maintain a - If you have any collections or recent late pays(last 12 mos.) your goal should be two scores greater than 640.-

More than likely your husband needs to complete one or more of the following generic actions to gain a 620 or greater credit score.

1. Open a new secured credit card and maintain a $10 balance
2. Pay down a credit card to a specified percentage.
3. Bring a current late payment up to date.
4. Pay and delete a collection.
5. More options may exist. 

Specialized professional mortgage guidance, your patience(30-45 days) and a positive attitude will take you where you want to be.

Best Wishes!

2. Pay down a credit card to a specified percentage.
3. Bring a current late payment up to date.
4. Pay and delete a collection.
5. More options may exist. 

Specialized professional mortgage guidance, your patience(30-45 days) and a positive attitude will take you where you want to be.

Best Wishes!

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February 05 2013
There are probably some very specific things you can do to improve his credit scores, and then you will be able to buy any home, not just the ones offering owner finance.. You may only need a month or two.

Go to www.annualcreditreport.com and get copies of all three of his credit reports. Then go to www.myfico.com and start reading, then feel free to ask questions as they myfico bunch is super friendly and helpful. I had to go this route when we needed to buy, and with their assistance, we raised our scores over a hundred points in just a few months.
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February 05 2013
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A 620 credit score is so close to >640, why not spend two or three months working to get his credit score up?      When lenders have two applicants on a loan, the scores that matter would be the lower ones (i.e. his in this situation).

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February 05 2013
 
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