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Profile picture for footski97

Name on Mortgage?????

My husband has a credit score of 620, I have no credit score. Can my husband apply for a mortgage on his own?? We have no debt except an auto loan that he took out in his name in March of this year. He works full time and makes about $54,100 before overtime per year. I make about $27,000 a year. We live in Ct. and I heard Ct can be tricky for mortgages. We are considering either a CHFA/FHA because we only have $5,000 to put down. The 3 houses we have looked at are under $150,000. Could he only apply for a mortgage without my name being on it???? I am opening a secured credit card this week to build my credit back up. I just have old paid bills that are still on there and they are all medical.
  • November 03 2013 - US
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Answers (3)

Yes! It is possible for him to apply for a loan without your name being on it. This means that your credit and income, along with your other finances, will not be looked at. Also, any shared debt will still be considered as well. But what is your exact credit score because it still may be possible. For example, lenders like myself can give out loans with credit scores as low as 580. So if you are in this range or above you have a chance of getting a loan with your name on it. Either way, I recommend that you speak with a lender like myself that would be happy to speak with you. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
  • November 04 2013
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Profile picture for wetdawgs
Have you had a chance to read carefully the articles in Zillow's buyer roadmap?

Before going out to look at another home, talk with lenders and get a pre-approval.   Your husband may or may not qualify.   He can't use your income without using your credit score.   His score is rather low for the best rates.

I'd break home buying down as follows:

1) getting ready
   a)  get credit scores in top form.  An action plan is needed for both of you, and then take actions.
   b) save a down payment of at least 10% of the target home value.   3.5% for down payment, several per cent for closing costs and several percent for reserves.    Remember purchasing costs money in appraisals, inspections etc - those are your costs, have enough money saved.

2)   Get pre-approved with a lender. 

3)  then and only then start looking at homes.   An agent should not show homes if you are not pre-approved.  You are wasting the seller's time, your time and the agent's time without that in hand.

4)  offer.... closing.....enjoy!







  • November 03 2013
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You should always go see a lender before viewing homes to be sure you all are not wasting your time. This is the type of question to ask the lender and why you need to know before looking. Yes, he can apply without you but the loan officer will let you know if your addition will be a bad thing or not. Often no credit is better than Bad credit.

Go see a loan officer at a bank or a mortgage broker soon.


tim
  • November 03 2013
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