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Established Member
Posts: 55
Registered: ‎02-23-2013
0

Home loan

Hi,

 

I am new to myFICO. I am trying to get a home loan and have a 710 FICO Score. However my husband has a lower score under 620. How bad will his score hurt me? His salary is also more than mine. We have paid everything down to a 0 balance. It is just taking time for it to recover. Any answers will be apperciated. Thanks in advance.

 

Gabrielle


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Starting score: 643
Current score: 712 (11/22/13)
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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Home loan

Your husband likely will not qualify on the loan and you would have to qualify on solely your income and if you live in a community property state, his debts will count against your DTI.

What is hurting your husband's credit? What is your income and the home price you are looking at?
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Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
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Re: Home loan

If he's not on the loan it won't hurt at all.  If he needs to be on the loan your looking at FHA at best and then need to really get his score up 20 points.

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: Home loan

There are still a few Lenders approving 620 mid score.

 

You just have to find one that works in your state.

Good Luck
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Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
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Re: Home loan

The trip from 620 to 640 is very short. What is on his report? With a little time he can get there for sure.

Established Member
Posts: 55
Registered: ‎02-23-2013
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Re: Home loan

He had a few accounts in collections while in college everything is paid and has 4 student loans right now totaling to 6980. Should we go ahead any pay them off how much will that helping his score?

Amex BCE 2K - BoA Cash Rewards 5K - Chase Freedom 3.5K - Chase Sapphire Preferred 5k -
Starting score: 643
Current score: 712 (11/22/13)
Goal score: 750+
Established Member
Posts: 55
Registered: ‎02-23-2013
0

Re: Home loan

We also just paid all of our credit cards down to a zero balance.

Amex BCE 2K - BoA Cash Rewards 5K - Chase Freedom 3.5K - Chase Sapphire Preferred 5k -
Starting score: 643
Current score: 712 (11/22/13)
Goal score: 750+
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Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Home loan

What was your credit card util before you paid them off? That alone may do it.

Established Member
Posts: 55
Registered: ‎02-23-2013
0

Re: Home loan

About 1000 dollars

Amex BCE 2K - BoA Cash Rewards 5K - Chase Freedom 3.5K - Chase Sapphire Preferred 5k -
Starting score: 643
Current score: 712 (11/22/13)
Goal score: 750+
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Home loan

What I mean was, what were the limits. You paid off 1000 dollars, what were your credit card limts at the time.

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