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Profile picture for NewYork2006

can we qualify for a mortgage with my husband score under 600 and my score above 760?

My husband decided to be the good guy and allowed a family member to put a property under my husband names. This person haven't paid the mortgage in over two years and, therefore, my husband credit is destroyed (586). My credit is around 777. We will like to move as soon as possible, but not sure if we will get approved due to this situation. We are looking to buy a house for 400,000 and put 20% down. what is our best option? what can we do with the property whose mortgage  haven't being paid in two years? Any advice on how to start to get things moving into a better place?
  • January 27 2011 - New York
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Answers (8)

It's very possible that something can be worked out but the best thing to do is contact a mortgage broker and they can give you an expert's advice.  If you want the name and number of a great morgage broker who won't charge you for an inquiry, email me or call and I can give you his name.
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  • January 27 2011
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Profile picture for Chris Corica
You will be hard pressed to qualify for a mortgage with your husband on the loan. Aside from the low score I am assuming he is going to have a foreclosure showing as well. This will be a deal breaker. You may want to look into what, if anything you can qualify for on your income alone. this will likely be your only option without getting creative.
  • January 27 2011
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There are a few lenders whom may be able to go as low as 580 fico for FHA loans.  You may need to search around.  Your best bet will be with a Mortgage Lender (not a bank) whom is direct with FHA and didn't add all of the overlays (restrictions) to the Guidelines.  The other hurdle will be the mortgage lates from the family member.  Most likely they will need to run DU (an automated Underwriting system) to determine the risk level.  Good luck, it won't be easy.  The only other way, will be to just qualify yourself; obviously, you lose his income for purchasing power.
  • January 27 2011
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Profile picture for funds2
If the mortgage has not been paid for two yrs. it is likely that a credit report would indicate that house is in process of foreclosure. Unfortunately, even with just mortgage lates in past 12 months is issue alone and using your husband's income/credit would be near impossible to get financing. Using your income & credit may be only viable option. I am assuming your husband's name is on the title and the mortgage.......
  • January 27 2011
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Good News!
Your score is good so Yes,there's a good chance you still qualify for a mortgage without your husband.
You'll just need to qualify for the mortgage without him.
  • January 27 2011
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Depending on your monthly income and your debts showing just on your credit report you may be able to qualify on just your credit and income alone. Your husband could still more than likely sign on title to the home just not be on the loan itself.

Also, we as a lender go to a middle 580 credit score on FHA, it really depends on the severity of the credit issues of the bad home loan in order to make a determination if he could qualify as being credit worthy.

Hope this helps!

  • January 28 2011
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Profile picture for funds2
Marsha,
It appears you are unaware how the Zillow procedure works....... Loan Officers that participate in this forum answer questions, and if consumer wants to discuss further they contact them directly - no spam/self promotion allowed. There is no charge to the consumer, but one of the benefits of taking their time and expertise to assist a consumer is that they will contact one of the Zillow loan officers. Agents making referrals to their favorite loan officer is not neccessary, and would be just as unappreciated if we went on Home Buyers Advice forum and recommended our favorite Realtor everytime a consumer ask a question.
  • January 28 2011
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Do you make enough money to qualify by yourself? If so, leave your husband off the mortgage.
  • January 28 2011
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