Profile picture for HeatherinVA

are there any loans that will allow me to use my spouse's income and my credit to obtain a loan in

my name...my scores are all above 620 but I only make $13k/yr whereas his scores are in the low 500's and he makes $50k/yr.....we found a home that is a Fannie Mae owned home but doesnt qualify for Homepath because it needs repairs....would only be looking at a mortgage of 90-100k or less and the tax assessed value on the home is 139400?  Any ideas or suggestions?
  • January 01 2012 - US
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Answers (3)

Profile picture for NileMorin
Many mortgage companies and banks offer different types of programs. Contact the bank you deal with, or a local bank, and ask if they do what is called a 'Portfolio Loan'. They will look at assets and income and take them into consideration. No guarantees, but worth a try.
  • January 07 2012
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It will be necessary to improve your husbands credit score to 620+. This is likely to take several years but will give you time to get your finances in order including saving more for down payment and reserves. If all debt is paid on time your scores are likely to improve, too. Buying a home is good objective and is worth working towards. You can go to Professionals tab above and locate a loan officer in your area/state to give you specific ways to improve your credit scores.
  • January 01 2012
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Profile picture for SoCal Engr
I am not a mortgage lender, but I believe you are going to find that if you use your spouse's income, their FICO comes into play.
  • January 01 2012
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