My girlfriend and I are interested in buying our first house but I'm worried about my credit.

A house in our neighborhood is on sale and we are really interested in buying it. Combined we make 75 thousand a year. Her credit score is 740+ and mine is low 500. We have about 15 percent saved for the down payment. Is it possible to qualify for a house using just her credit score but both of our incomes?
(0) | asked by: Duglas Esquivel | share | 1 month ago | Report
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answer by Muriel Ballard    |   Contact Me
It may be possible to qualify to buy a home using her as the primary buyer. You should talk to a Mortgage Broker who will be able to run some scenarios and figure out what you would qualify for. Be cautious when you begin inquiring, DO NOT allow multiple lenders to make inquiries on your credit. Each inquiry will cause your score to go lower. Tell them "No hard pulls!" In the meantime, I love creditkarma. It is free! My husband and I both use it and have become so much more in tune with our credit scores and what impacts them. It gives advice about what you can do to improve your score, and allows you to run scenarios to see how changes you make will impact your score. Good luck!
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answer by Sylvia Rivera    |   Visit My Website   |   Contact Me
I always ask my clients to get "lender ready". You may have great credit or you may need to repair some items. Your lender is your best friend and there are good programs that will help first time buyers. Again, ...get your pre-approval letter ready first, before looking.
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answer by McKinley Jones    |   Contact Me
I have a lender who would be willing to check your credit a no charge, of course! If I am representing you as you buyer's agent, our brokerage will pay all your closing costs in escrow and at closing. That should help you and your friend a lot.
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1 week ago  |   Report   |   share
answer by Marla Madaen    |   Visit My Website   |   Contact Me
You should consult a lender first. If it's a mobile home you are looking for you can contact Kathy Edmondson Mobile Home Finance Manager and for regular homes with Quy Huynh with movement mortgage. If you have any questions please let me know. Thanks!
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1 week ago  |   Report   |   share
answer by Carol Gilles    |   Visit My Website   |   Contact Me
Great question. Your best bet is to talk with a mortgage lender. They can work with you to explain how your credit scores and income/debts can help or hurt you when getting pre-approved for a loan. There are many lenders who can do loans with less than 20% down. I can refer you to a lender who can pre-approve you for a loan. Hope this helps!
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answer by Lydia Kray    |   Visit My Website   |   Contact Me
Hi Duglus, You will more than likely only be able to qualify with her credit score unless you have another family member who is willing to cosign on the loan. Let me know if you need a good lender to get you pre qualified.
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answer by Michael Harkins    |   Visit My Website   |   Contact Me
Hi Sharon, If you are going to take title to the home in both your names, or if one of you is simply a 'co-signor' for the loan, it's fairly certain you will both need to 'qualify' with a lender. That said, I would not give up. You need to speak to a reliable mortgage provider to evaluate your ability to purchase the home. If you haven't worked previously with a lender you like, feel free to contact me and I can offer several you can speak with (it shouldn't cost you more than the price of a credit report to find out). Good luck!
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2 weeks ago  |   Report   |   share
answer by Sharon Medairy    |   Visit My Website   |   Contact Me
Congratulations on thinking about buying a home. There is a reason why you choose a Realtor first - he/she will refer you to an expert mortgage consultant. This way you can determine what you can afford and how your credit score can be handled. Good luck. PS in our Oakland market we prefer expert, experienced, and local mortgage professionals, so do sellers. So starting with a good buyers agent is important. There should be no charge to go through this process.
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2 weeks ago  |   Report   |   share
Lisa Wright-Clegg
answer by Lisa Wright-Clegg   
Speak to a good lender, your score could hurt the interest rate but the 15% down payment really helps. There are quick ways to bring the score up. Start with a lender, if they give you the all clear then reach out to a Realtor you connect with and who works hard for you.
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2 weeks ago  |   Report   |   share
answer by Luis Reyes    |   Visit My Website   |   Contact Me
949 923 9507 Luis. Please give me a call. So I can educate you on the process. I am very realistic and transparent.
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answer by Luis Reyes    |   Visit My Website   |   Contact Me
949 923 9507. Give me a call and I'll educate you on the process. Im very realistic and transparent. Luis
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2 weeks ago  |   Report   |   share
answer by Robert Dilley    |   Visit My Website   |   Contact Me
Yes. You sound like you are an ideal candidate to purchase your first home! Congratulations. Contact me if you would like to discuss further?
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2 weeks ago  |   Report   |   share
answer by Janet Sher    |   Contact Me
The perfect person to ask would be a lender. Lenders can suggest many ways to get your credit score up. Just think how much easier it would be to use both of your credit scores and both of your incomes! Good Luck!
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3 weeks ago  |   Report   |   share
answer by Sheryl Arndt    |   Visit My Website   |   Contact Me
Hello Douglas, Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k. If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k. You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant. If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates. Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only 24+ Years Experience BRE# 01140252 NMLS# 297251
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3 weeks ago  |   Report   |   share
answer by Robert Dilley    |   Visit My Website   |   Contact Me
I have someone in mind who can help you. Please give me a call or send me a private message and I will send you their contact info! Good luck!
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4 weeks ago  |   Report   |   share
answer by Jeannine Webb    |   Contact Me
Many lenders will make suggestions to correct your credit score in the shortest amount of time. Often a credit score can be improved in 30-60 days.
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1 month ago  |   Report   |   share
answer by Lisa Wright-Clegg    |   Contact Me
It would be best to buy in both your names in my opinion, is there anything you can do to raise your credit score? Is it a Bankruptcy or just 30 day late's or high balances on your cards? you need to raise your score about 150 to be able to purchase if your at 500 credit score. Maybe have a 6 month plan save a little more money and get that score up. I would talk to a good lender, start there, good lenders can help put it all together.
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answer by Harjeet Bhatti    |   Visit My Website   |   Contact Me
Did you try to work on your credit? It can be improved but need sometime to go up.
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1 month ago  |   Report   |   share
answer by Grayton Mortgage, Inc.    |   Visit My Website   |   Contact Me
If you need both of your incomes for the purchase, then you will have to use your credit score. There are some programs available for individuals with credit scores less than 600, but you would need to discuss those items on your credit report that are behind the low score (have you had a recent bankruptcy / foreclosure / short sale?). Also, the price of the property needs to be known to see if it is affordable irrespective of the low credit score. I would reach out to a loan originator / broker to discuss.
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1 month ago  |   Report   |   share
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