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Should I be on the hime loan with my Husband?

My credit is poor, and my husband's is fair.  I was told once by a lender that I shouldn't be on the loan, due to the scores.  I received some info from someone else, that suggests that I should be on the loan, due to my added income that would help our joint debt that he must include on the application.  What do you think?
  • January 16 2009 - Manvel
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Answers (4)

your scores are not bad. i have helped many people close quicker and they had 589's Call me if you have any questions. You can click on my picture for details
  • January 18 2009
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Answering "Glass Half Full"

My score was 630, and his is 680? Both fairly low! We put an offer on a house and its final at 88000.00.  We are looking at an FHA loan at 3.5% down.
  • January 16 2009
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Both answers from each lender are correct.  It all depends on your actual situation.  Underwriters use the weakest borrower to approve your loan.  If you have the weaker credit rating and history, the overall cost and rate of the loan will be higher and you may have a harder time qualifying. 

If you can not afford paying the mortgage with just your husband's income, then the both of you are required together to apply so as much income is available to approve you. 
  • January 16 2009
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What are yours and your husbands credit scores?  How much of a loan are you looking at and how much do you plan on putting down on it?

  • January 16 2009
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