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Mortage companies...husband with perfect credit....mine not so great

Are there any mortage companies/banks out there that will work with so so credit? My husband has perfect credit...mine is slowly rising at 580. Combined income over $125k. Talked to someone years ago (my numbers were much lower...under 500) and they said they could go off his credit only. I have the higher salary...but poor credit. Husband has lower salary...but perfect credit. His salary alone wouldn't get us something that meets our needs. Curious to know if anything has changed in the past few years. I am still waiting for a paid account to be updated. That should move my score up even more. Help.....
  • March 16 2014 - Clifton Park
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Answers (6)

Well it's great that you've been working on your credit and I recommend you check for updates on your score. Once you bump up your scores to 580 or above, you will be in a much better position. The lowest that most lenders can go is around 580. The simplest way to fix your score would be to pay off your debt and revolving credit balance on time. If your scores are already at 580, then you should be good to go when it comes to credit. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 17 2014
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Hello there,

To answer your question, there are definitely programs out there that will qualify you based on a 580 credit score. These programs usually require a large amount of documentation though, so you would be wise to prepare for a pretty drawn-out process. If you can't wait to move, you should be able to obtain financing at a pretty high rate. After a couple of years of rebuilding your credit, it might be wise to refinance to obtain more advantageous loan terms. Hope this helps!
  • March 17 2014
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Hi Nygirl

How accurate is that credit score? (when was the last time you checked?)..

A little more information would be needed to give you a better/full answer......, How much are you looking to put down? - What % of home price? Also other factors such as employment history, earnings, etc can possibly help in your case, but i would need to get more information from you

Speaking of credit, there are ways you can improve it in a relatively short time. (dont max out CC credit cards, late payments, opening new credit, how many recent credit inquires, etc, etc)..

I hope this helped a little, please feel free to reach out to me, i am a local NY lender and would be happy to assist you,... Good Luck...!!
  • March 17 2014
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Yes, it's possible.  As posted in the thread of answers; choose the originator who has a proven track record, followed up with expert answers and rebuttles to questions you ask.  These experts will respond with precise answers, or what they are in need of in order to gain an absolute answer to specific questions. 
  • March 17 2014
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I can actually close loans with a middle score of 580. I am also advanced in the art of credit repair. Based off of the information below I would welcome the chance to create a game plan to ownership. Feel free to contact me through my profile for a no cost, no obligation rate and fee estimate. If the numbers work, great. If not, at least you know exactly where you stand.
  • March 17 2014
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Believe it or not this is very common and there are some quick and simple solutions. So to answer your question, yes it is possible for you and your spouse to buy a home together providing you're in the hands of an experienced and capable Loan Officer. So choose your LO wisely, it will make a difference in being successful and being shot down.
  • March 17 2014
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