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Home Loan approval

I was just recently married earlier this year and wanting to purchase a home. My credit score is a 700 and my other half has a 540.. I know I could be approved by myself but that lowers the amount I can purchase because of debt to income. Can I get approved even though my spouses score is much lower? What is the amount do we have to have down to purchase a home? I've been told 20% 10% 5% and 3%.. and 0% on VA all though neither is eligible for that. We are looking to purchase in the next 6 months and just want to have game plan in effect. purchase amount if it matters is 240,000- 275,000 ....Thanks to all that can assist..
  • August 14 2014 - Prien
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Answers (4)

Profile picture for magaracllc
Thanks for the advise, I pulled my spouses 3 bureau reports. Apparentley there is some student loans that were consolidated, but some of those loans where reported late and do not show consolidated and were suppose to be. So it looks like I have some disputing to do with the bureaus. Hopefully this will clear up her credit score, I also read that adding my spouse to my credit cards as a authorized user will help boost the score as I use them and pay them off every month.
  • August 14 2014
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First, you need to have your other half focus on what is keeping the scores so low. A lender should be able to offer some advice after they run your mortgage credit report  (i.e. It could easily be no new credit after a BK, or no credit at all). You want the best possible terms, and someone to work with you now and over the next several months. Regarding your down payment question: FHA requires a 3.5% down payment and Conventional loans require 5%. There are loads of details in between the lines that a lender can inform you with and let you know whether you qualify now or later.
  • August 14 2014
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Why is her score low? In six months that could be fixed... Get a full mortgage credit report not a consumer one and sit with an expert who can tell you what you need to do to get that up a hundred points. Letters should be mailed to any error trade line quoting exactly what is wrong, and the laws. Also to the tradelines (all three). You can get a FHA loan with 3.5% down now, even though her score is low.
<<excepting if she has BK foreclosure or short sale there are wait periods for those> You will pay a higher rate than with your score alone. Middle lowest of the two is what counts. From today forward:
pay everyone a day early, get the credit cards down below 69% of the line amount, don't close accounts, don't buy or shop for a car or furniture, don't give anyone your social security number, save...
  • August 14 2014
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Profile picture for wetdawgs
If two people (e.g. you and your spouse) are applying for a mortgage together, the lending decisions will be made off the mid score of the person with the lowest score (let's say 540 in this case).     If you wish to use both incomes, you'll need to use credit scores from both of you.

Six months?   Work like crazy on those low scores of your other half.  Put that as first priority in your financial world.

  • August 14 2014
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