Kurt asked:
i have a good job but bad credit my wife is layedoff but has good credit is there any were out there that can use her credit and my job
http://1mortgagecalculator.info
i have a good job but bad credit my wife is layedoff but has good credit is there any were out there that can use her credit and my job
http://1mortgagecalculator.info
Well, you can get away with it, if you have a whole lot of money to put down. Banks will look the other way for a 10% dp! Don’t mention that your wife has been temporarily laid off, just add her wages to the household total and cross your fingers. As long as this house will be deeded in both your names, you’ll have to use both Credit Ratings (your bad/her good) and this will result in a higher than needed rating.
NOPE. You must have a job and a credit score above 620. We were in the same situation and nobody would give us a loan. We had to work on my husbands credit for 2 years and finally were approved.
Not going to happen, any lender is going to check your employment status and find out your wife does not have a job. This is a package deal, both of your baggage is going to effect the outcome, and I highly doubt in the current lending climate, your package will meet with an approval,
if your wife is laid off she wont be able to be on the loan, period. you MUST have income. only your name would be allowed on it.
depending on how bad your credit is, there are lenders who can help. if your score is 580 or higher Bank of America, to just name one but there are others, will do a manual underwrite for you, as long as you have enough income, no recent collections, and several open lines of current credit. if your score is 620 or higher they can do an automatic underwrite and is a little more lenient.
no, you could both go on the loan, but your wife wouldn’t help at all the lender is going to look at the lower of the two credit scores. Assuming your wife has some debts in her name she would only hurt the situation.
Sorry, but you are the one paying the bills, your willingness to pay is what counts. You apparently are unwilling. Your wife might be willing, but has no income to back it up.