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Profile picture for eroctonya

my husband's credit is great, mine is not however we were approved for the loann, now he have to ask

My husband's credit is great, mine is not-student loans recent car purchase, ect., however we were approved for a 150,000 fha loan.  The home we want requries us to ask  for 5000 more.  What are the chances that my credit score will affect our loan?  Is it better for one spouse to apply for the loan or is the loan based on the better credit score?
  • July 26 2010 - Alexandria
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Answers (6)

Profile picture for Debbie Holmes
Why not bid $5k less and see if they take it?   Usually the maximum loan is the maximum loan.  Can you raise the $5k by selling something?  A motorcycle? an extra car?   Just some thoughts.  You can always try going  back to the loan officer and see if you can qualify for$5K more... Just some tired thoughts....
  • July 26 2010
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I suggest you discuss it over with the financial institution that preapproved the current amount and see what are your options. You dont want to find yourself buying a home that its out of your price range. You want to enjoy your home not be stresed over the payments.

  • July 26 2010
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Profile picture for wetdawgs
Be really really careful at buying at the maximum of your pre-approval.  You may be eating beans and rice for the next few years.

  • July 26 2010
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There are quite a few issues to address in your question.  First, you can do as one poster suggests and bid lower to see what happens. 
If that doesn't work, you should find out how much your credit score will effect the loan by asking your lender, no one knows this but them.  If your score doesn't effect what you and your family gets rate-wise, you can move on (which is many times the case with FHA).  If your score does negatively effect your rate, or your chances of final approval, I would suggest some credit consulting which can come from aa third party of directly from your lender.  You'd be surprized how much difference paying off small debt can increase your score. 
gGood Luck!

  • July 27 2010
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Profile picture for getpreapprovedfast
find a lender that allows for a higher debt ratio and get approved with them. 
  • July 29 2010
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Profile picture for Mr Caveat
i'm with wetdawgs. if its at all possible, re-evaluate whether you would be happier with a smaller place. it just makes so much more sense to have that wiggle room in how your money is flowing.

the maximum you are qualified for is like "if you give up the little things like furnature, we'd consider loaning this to you"

go with the "i enjoy a date night once per week with my husband" level ^_)^
  • July 30 2010
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