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Good credit married not so good credit

I just got married.  Been at my job 4 yrs.  Credit score around 650.  Hubbie hasn't worked much over past 4 years but has worked past 4 months.  His credit score is high 700's.  Any chance we'll qualify to buy a house in NY?
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December 16 2008 - Huntington
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Depending on your income, the reason why your husband reason has not worked, and what kind of income he is generating now yes you may be ableto qualify.  Sorry for the vaugness but if you provide more details I could better answer your question
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December 16 2008
Profile picture for skinny3
Thank you very much for replying.  He works in construction so it's on-again/ off-again----he hasn't always worked "officially."  I make around 70; he makes around 1/2 that.
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December 16 2008
Profile picture for wetdawgs
There are many things that together make the credit score, and income isn't the big one.   Can you get some understanding why your credit score is so low and work on bringing it up?
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December 16 2008

Not having verifiable income will not help you but thankfully your husband has a decent credit score. If his current work is "official" then you should use some of his current W2 info to talk to a local loan person and see if perhaps you can qualify for something in your area. NY is a big place so price points will vary wildly, I'm sure.  With rates being ultra low right now, your ability to qualify for more house than you might later are good so it's worth considering.

Most loan officers will be happy to give you estimates of your qualifying if you can provide documentation on the details you give them.  These are usually done at no cost up front so it's worth looking into.

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December 16 2008
I don't believe you need to worry as much about your husbands income and score.  Number one, your make more money than he does right..?  I this case you will be the primary borrower on the loan.  Your husband will ultimately be a co-borrower.  And his income may be considered.  But just because his score is 700 and yours is 620-660, you would be surprised at the rate you can receive.  And right now, rates are crazy low.  I could help you more if you like.  Contact me through Zillow and I could show you some of the potential rates you would be looking at.  Best of Luck to you and Happy Holidays!!
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December 17 2008

Hi, This can be tricky, especially in these times.  The banks are going to want to see some consistancy in income and work history.  Keep this in mind, the banks are investing in your ability to pay back a loan, hence your home is used as colateral.  If they aren't confiednt in your ability red flags will go up and they might make you jump through hoops to get the loan if at all.  My advice is that you both be on the mortgage because as a team you will stand a much better chance.

http://www.ChristopherPagli.com


Soncerely,


Christopher Pagli

Associate Broker

Legends Realty Group

914.406.9023

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December 18 2008
Profile picture for AGCGartner
Want loan?
Direct lender, no broker fees:
Call 443-540-6069 and get your finacing worked out. Amanda
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December 19 2008
 
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