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 | 5 months ago | Report
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Don't buy home with your girlfriend. Fix your credit first. It pretty easy. Get a free annual credit report online and dispute the negatives.
It depends, contact me if you still need help. As long as her debt to income ratio will hold up you might be able to. Have you tried fixing your credit first? Contact me if you need help!
Hi Duglas, It's wise to speak to a lender. What city did you find the home and did you need a lender? If so I could refer one to you with no obligation.
Your best source is to talk to a lender in your area who will be able to steer you in the right direction. Perhaps there are first time home buyer programs which might work for you. Also, some lenders have credit classes to repair bad credit. If you need some lender recommendations, please send me an email or text.
answer by JB Real Estate & Invest Inc | Visit My Website
The best answer would come from your lender of choice rather it be a bank, credit union or a direct lender. they all have different options...Know your options! Good luck!
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!
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.
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.
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!
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!
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.
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!
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.
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.
949 923 9507 Luis. Please give me a call. So I can educate you on the process. I am very realistic and transparent.
949 923 9507. Give me a call and I'll educate you on the process. Im very realistic and transparent. Luis
Yes. You sound like you are an ideal candidate to purchase your first home! Congratulations. Contact me if you would like to discuss further?
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!
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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