Profile picture for csnyc727

How can my husband and I get approved if he's the one working but I have the better credit?

My husband and I are looking into buying in Orange County, NY. His credit is in the mid to low 600's. He is an RN and has a lot of student loans. My score is in the 700's but I am not working because I go to school and take care of my son. Any advice on how we can get into a house or the steps we need to take, would be greatly appreciated. Thanks.
  • December 05 2013 - US
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Answers (6)

You still may be able to get a loan just under your husband's name alone. The minimum credit score lenders like myself can do would be around 580. Since your husband's score is above this he has a better chance at getting a mortgage. There are still other factors that will need to be looked at with more detail such as his income, debt, assets, employment, down payment, etc. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing a new home with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • December 06 2013
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My mortgage lenders in CT will use the lower middle fico score of 2 borrowers.  Speak to a licensed mortgage person in your area about seeing what mortgage programs you would qualify for.  Best of luck!
  • December 06 2013
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Profile picture for JustinLeffew
If you both are on the loan, the lower of the middle of your scores will be used. Some lenders will use the credit score of the primary wage earner, which would not help in your case. I would get with a reputable lender and see if they can help with the score through a rapid rescore. 
  • December 06 2013
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I am an NJ lender but unfortunately do not write loans in NY yet through my branch but can let you know that lenders will always use the lower fo the two borowers scores so having you on the mortgage won't make a difference and may in fact harm the approval if you have any additional debts over what your husband already has. If he is the only prson on the mortgage then the only question will be he debt to income ratio or DTI. It has to be below 45 % for a conventional loan. In other words if his income is $4000 a month and his debts are $2000 total a month, he would not qualify so in that case I would suggest paying down some debt. Now there may be other compensating factors as well such as a large amount in assests and such so your best bet is to speak to a lender and try and get pre qualified. I do know some loan officers within my company that do NY loans that can assist you more but I cannot since my branch is not approved in NY yet.


Good luck and best wishes.
  • December 06 2013
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Profile picture for GMerino

Wayne, is correct if your husbands credit score is the 640 range you are on your way to homeownership.  Have someone go over your debt with you on a "what if" scenario, no need to pull credit right away but at some point it will need to be pulled.  But you can go over your information, such as income and your liabilities to determine you debt to income ratio. 

At the same time all of your questions that you have are hopefully answered!

  • December 05 2013
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His credit score would be the one that would be used. If his income is sufficient, it is likely his score would work particularly if it is or could be increased to 640 or higher.
Hopefully a few NY/NJ lender's will respond, and offer to assist you with a pre approval.
  • December 05 2013
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