if my husband has better credit than I do, do both of us have to apply for a mortgage loan?
404078
If you want your name on the house, then you would have to apply jointly.  And I would strongly suggest having your name on the house to protect you in the case of divorce.
681084
when u apply for credit as a couple they use the highest credit score to determine if u get the credit and how much...she doesn't have to work as long as ur household income is over the minimum for what u are applying for.
1162754
He should file now and you two start out fresh.  Keep separate accounts for now and both try to build up credit.  My husband had debt from previous marriage and it will effect you also.  Anything that shows up on his credit will affect you when you try to buy a house or both signatures are needed to make a big purchase such as a car.  Doesn't matter when it occurred.  I had to pay off my husbands utility bill from a previous marriage before the electricity could be turned on in our new place.
1136726
See if there is someone else you can pair up with who has better credit and/or can help w/ down payment. (e.g. significant other, parent, family member)  This would help reduce interest rates which will prob be very high w/ poor credit.
1069800
Put in refinance mortgage bad credit and see what you get.\n\n\nLC
198908
Under the new provisions of the Fair and Accurate Credit Transactions Act (FACT Act), if you apply for credit (car loan, HELOC, mortgage) the lender must provide you with either a Credit Score Disclosure or a Notice to Home Loan Applicant (for mortgages and lines of credit).\n\nThis disclosure states that in connection with your credit application, the lender or broker must provide you the score that was reported by credit bureaus as well as the factors that affected your credit score.\n\nBut, if you're just walking into a bank and asking for a credit score? Forget about it.  That won't happen.  Most if not all banks aren't going to spend the money on a credit report and credit score if you're not applying for a loan.  What's in it for them?\n\nAnd it doesn't make sense to apply for credit just so you can get your credit score because each time you apply for credit, your credit score will be adversely affected.\n\nAlso, keep in mind, different lenders use different credit scoring systems.  Fair Isaac (FICO) is only one.  There is also Empirica and Beacon scores.  So depending on which model(s) your lender uses, your score will vary.
685917
You may still qualify for a FHA loan with collections on your credit, but the lender may require that the collections are either paid prior to closing or at closing.  Or, if your credit has improved significantly, the lender may be fine with a letter of explanation from you.\n\nThe best thing you can do is talk to your local financial institution or mortgage broker to find out what program(s) you may qualify for.
51208
Most lenders do not allow one to assume a mortgage; some do, however.  If the mortgage is assumable, then they will usually allow it if the buyer meets credit criteria.\n\nMost conforming loans do not allow this because it makes for a loophole where people who do not have good credit can get a loan designed for somebody with better credit. \n\nCall your mortgage company anyhow, the worst they can do is say no.
579597
You can almost always get a home loan, no matter how low your score is.  The lower the score, however, the more expensive the loan will tend to be.\n\nHope this helps!
511195
Most people think they can't get a home loan due to low credit scores. I specialize in home loans for people with bad or poor credit. The best way to look at things is to ask yourself how much you can afford monthly for your mortgage. IM me and I can get you started if you like.
466658
Find out exactly what your credit scores are from all three bureaus and exactly what is on them, both good and bad.\n\nIf your score is above 580, you have a good chance of getting approved with no money down.\n\nIf you have at least 3 tradelines (bills showing up on your credit report) that you pay, on time, every month for at least a year, you stand an even better chance.\n\nIf you don't make enough money to qualify on your own, your friend will also have to be on the loan.  The lender will usually use the score of whoever makes the most money.  If your friend has credit issues too, they will need to be taken care of just like yours.\n\nTalk to a mortgage loan officer you trust.  Talk to several.  If you're in Ohio, talk to me, I'd be glad to help.\n\nA good loan officer will tell you what things you need to do to qualify and will guide you through the process.\n\nGood luck,\n\nLeah
229780
Here is what I would recommend, 1st get all 3 of your credit reports(and your husband?) from www.annualcreditreport.com. Review those for accuracy. Dispute any item you believe to be incorrect.\n\nThe if you can I would spend the $90.00(2 x $45.00) to get your FICO scores at www.myfico.com/12. When you have your "real" FICO scores then you can do some shopping on the phone with local bankers/mortgage brokers telling them your situation. A good mortgage broker will give you the info without trying to get you to apply to see what they can do. You will be an informed consumer.\n\nWhat they will need:\n\nProperty value\n1st mortgage balance & no of late payments & when\n2nd mortgage balance & no of late payments & when\nOther debts, monthly payments & no of late payments & when\nBusiness net income\nDebt to income ratio\n\nGood Luck
862783
Yes, if you open any joint accounts. Until he can build his credit, use your credit however he can directly participate by giving him limited power to help bring up your husband's credit report. Then once that is established, please just understand why he had bad credit to begin with before you consider any joint accounts. This does not mean you love him any less.\nAny major purchases like a car, house etc. should only be in your name and they cannot be touched by his credit rating whether you are married or not!
489723
Okay everyone makes mistakes and I myself made quite a few when I was younger..so now my credit is horrific. DO NOT GET A CREDIT CARD...you will be responsible for the balances and the interest rates are extremely high. I suggest go to a furniture store obtain a peice of furniture on credit and make the monthly payments. It takes time but believe me this is the absolute best way. If your husband already has ideas about a credit card and what he will do with it then that give you an idea of why he has bad credit. Be responsible...take your time and allow your credit to build by purchasing small priced items on a credit account. Also the more your credit is checked ..it lowers your credit rating! His credit does not necesarrially effect your credit because this was before you married...your name was not available on any of his account it will however effect any joint ventures such as applying for a house loan together.
1007923
Do not let anyone tell you that you can not get a mortgage without them seeing your full mortgage application along with your full tri-merge credit report.\nIf your credit score falls into the 'low' range then you would have to go to a sub-prime mortgage program. You are more than likely going to be paying double digit interest rates.\nDo not let anyone say they CAN get you the mortgage either without seeing the applicaton and the credit report. If you want some assistance then email me at greg@mcclainfunding.com anytime.
761051
Lenders are increasingly concerned with the level of fraud inherent in stated income mortages.  When it is a HELOC it is even tougher because the lender is in second position and there is substantial risk if the borrower defaults.\n\nCouple that with a low credit score and you have a real problem.  You need to go talk to a lender that specializes in subprime home loans.  Try Novastar.
1164738
Some mortgage companies rely more on the items in your credit report than the score itself to make lending decisions.  If you haven't had and Bankruptcies, Foreclosures or mortgage lates, you should be able to get 100% financing.  \n\nThis most likely applies to those who have lower credit scores due to missed car payments, missed credit card payments, high utilization rates (the % of your total credit that is currently being used), etc.\n\nYou should contact a broker in the area and ask them to help you by identifying the different companies that might fund your loan for you.