01-25-2013 07:39 PM
My wife and I are trying to buy our first home. We both are recent grads and have good paying jobs in our respective fields. The issue is I have credit from student loans, 3 credit cards, and a recent auto loan, while she has no credit history at all. No credit score, no nontraditional credit (utilities, phone bill, etc...) since she lived with her parents until we got maried. Are there any lenders who will still make loans in this situation? We've tried RMC (Ryland homes in house mortgage company) and Wells Fargo and neither can work with us. Any ideas? Or do we just have to wait for her to be able to pull a score? We have opened a CC account her name as well as added her as an authorized user to one of my CCs.
01-25-2013 08:28 PM
If she is on the loan application she must also qualify for all requirements.
Since you have a score (assuming a qualifying score) and secured a good job since college, is it possible to apply for the loan alone?
You can apply alone and qualify off of your score and income and if approved you can put her on the Deed to the home. Being on the Deed gives her homeownership with you, just not responsible for the loan unless a community property state.
01-25-2013 08:36 PM
I cannot secure the loan alone because the house we are looking at would be above my allowable DTI (41%) is what I have heard... We have opened a CC in her name though. How long will it take to generate a score?
01-25-2013 09:24 PM
When first establishing credit, it generally takes 6 months before a FICO score is available.
You could possibly see other types of scores available sooner, but majority of Lenders only use FICO scores.
01-26-2013 07:42 AM
01-31-2013 06:49 AM
01-31-2013 06:49 AM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.