juicy asked:
My husband and i are trying to get a home loan, he has poor credit and i have a score of 649. He def can’t get a loan so i’m thinking about applying by myself. The prob is…. I am a stay at home mom, my husband makes great money but has bad credit, i have decent credi but make no money, if i apply by myself can i put his income on the application? we also would only be putting around 10 grand down on a 190,000 house
http://1mortgagecalculator.info
My husband and i are trying to get a home loan, he has poor credit and i have a score of 649. He def can’t get a loan so i’m thinking about applying by myself. The prob is…. I am a stay at home mom, my husband makes great money but has bad credit, i have decent credi but make no money, if i apply by myself can i put his income on the application? we also would only be putting around 10 grand down on a 190,000 house
http://1mortgagecalculator.info
that isn’t going to fly at all. The person with the income must be the maker on the note and you can be vested on title. What you are proposing is loan fraud
I am a mortgage banker in TN
In order for this to work the person with that earns the most money in the family must qualify for the mortgage loan. Therefore this person must also have the qualifying credit score. It matters not the down payment if you can not even qualify for a mortgage loan.
Have you and your husband applied a FHA mortgage loan? Their requirements are not as stringent as the conventional lenders. The credit score though is important might not be as bad as you think.
Even though one spouse does not earn any out side of the home income they both may be on the mortgage loan as co-borrowers. This is normal for the application and mortgage loan approval.
You and your husband might try to raise his credit score. There are several things you might do. You might try doing it yourselves. You would need to obtain his credit report. One is offered free each year. This particular credit report will not give you a credit score, but it will list each of you debtors and if you are in collection with any.
You may contact these individuals on your credit report, make a deal with them about paying off these debts. You might do this one debt at a time. Call make them a offer of 50% of the entire debt or less than what you owe. Some will take this offer and some will counter offer. Make sure whatever you agree to you place it in writing. You might also want them to address how they will report this on your credit report. “PAID” is the preferred way. Again make sure this is in writing prior to sending them any funds.
Do this for each derogatory item on your credit report. Each 3-6months you should see an increase in your credit score.
If you think you need help in doing this, look in your local telephone book and find a non-profit organization that assist individuals with credit problems. You might want to make sure they will not place on your credit report that you are in credit counseling. Most mortgage companies seem to think this is almost the same as bankruptcy and will treat this type of credit counseling as such.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
Recenlty my friend got home loan of 250k$ for 25 years on 8% which should be paid annually my friend doesnt have good credit his credit score is below 600but still he got loan.
I asked him how you got ?
He told me while i was searching on internet for Home loan with Bad credit he found a site which contains links for bad credit so i checked all of them one by one .
go to
Dixiloan.com
Then Go to “Home Loan”
Note each link contain different interest rates and repayment period.
Take Care
Bye!