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High Income only fair credit

What is a good strategy for future purchase.  I never missed or was late on my mortgage. Sold my house for breakeven in 2010. Am currently renting/shopping.   Because of a lot of personal problems (divorce/deaths) in the last few years I have not been diligently paying my bills on time, but I have ample capacity.   I earn over 6-figures and my spouse about $50K.  He has a good credit score over 700 mine is hovering around 600, but I make triple his salary. How will we be viewed when looking for a mortgage? We are debt free with only a $400.oo a month car payment as our fixed cost. 
  • March 01 2012 - San Francisco
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Answers (5)

How much of a down payment are you planning to make?   For 20% down or more you would have a good chance to get qualified if you could improve your median score to 620 or better.

For lower down payment, FHA financing would be a possibility, ideally a 640 score would give you the best chance to qualify despite the recent derogatory, below that would be very difficult and require a more detailed review of your entire profile.
  • March 01 2012
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Because you are the leading earner, your credit score will be the one that lenders look at. 
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Rule #1: Avoid Agents that provide advice on mortgages when they are neither qualified nor licensed to do so (and are wrong to top it off); if they're not smart enough to know this they're not smart enough to competently help you find a home.

Rule #2: see rule #1.

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btw: the lower/lowest middle score is used when multiple borrowers.
  • March 01 2012
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" Because you are the leading earner, your credit score will be the one that lenders look at."
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Robin,

Not only the wrong answer, but a load of Spam to go with it. 
The reason the OP's credit will be used is because it's the LOWEST and has nothing to do with them being the leading earner.

2 suggestions for you: 
1) Fact check your answers or don't answer
2) Stop the spam!

What's with the Robins today, it's not Spring yet...
  • March 01 2012
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Hello,

Because you are the leading earner, your credit score will be the one that lenders look at.  To get best rates, you will want your score to be 680 or above although you can probably get a loan at 625 that's pricier.  Why don't you take a few months to tidy up your credit record? 

The lender I work with most frequetly is below.  If you get in touch with him, he can suggest best strategies to help you meet with success. 

Then get in touch with me and we will do the rest together!

[content removed by Zillow due to self promotion.  Please refer to our Good Neighbor Policy for more details.]

  • March 01 2012
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The first step is to have an experienced loan officer pull and review your credit with you.  Then a strategy can be developed on what needs to be done in order to qualify you and your husband for a new home loan.  The loan officer should also review your employment, salary history, assets and other possible issues to make sure you can obtain a loan. 
  • March 01 2012
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