Married with Different Credit Scores

[Anonymous]

Hi.  My husband and I are about to purchase a house.  We will be looking to take out a $200,000.00 mortgage.  My lowest credit score is 620 and my highest is 670.  My husband's score is 780.  We will be putting down more than 20%.  We both have very solid incomes.  Our gross income is $210,000.00 yearly.  Both of our cars are paid.  We both have IRA's however he also maxes out a 401k.    My husband uses his credit card for many purchases, but pays his balance off each month.  I have about $5,000 available in credit cards; however I usually have a balance of approximately $1,000.00 on a monthly basis and I always pay on time.  I was stupid when I was younger, but for about the past four years, I have been very punctual.  I pay approximately $400 a month for student loans.  My husband has no debt.  Will my credit score make it difficult for us to obtain a mortgage?

Message Edited by 888Turtle on 12-03-2008 01:51 PM

[BrianB_The_Loan_Professor]

Hi Turtle welcome to the forum

Because you are putting down so much and your debt to income is solid you will not have a hard time getting financed what may happen is that you may see a higher rate because of the lower score - if thats the case you may want to see if he can qualify on his own and then add you later? With his scores he should be able to get the best of whatever is available at the time - If you were putting 30% down I dont think the scores would hurt as bad and with 40% it wouldnt hurt at all.....

Brian