I am about to seeing what we qualify for with our lender. I know my credit score is around 570 and my husband’s is probably around 600 something. He makes more money than I do. I only make about 1k a pay check? We are also trying to qualify for first time buyers assistance or downpayment assistance…should I leave myself off since my credit isn’t the best or keep myself? The house we are looking at is 219k and the others are below that.
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I don’t think you guys will qualify for a mortgage with either of your scores tbh… not unless you go through a high interest loan shark.
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I had a credit score like that and I had to put 30k cash down
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They look at not just your credit scores, but also your debt to income ratio. Interest rates are also very high right now. It won’t hurt to look, but don’t find a house before you know what you qualify for. You could end up heartbroken if you fall in love with a house you don’t qualify for. Best of luck!
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You only need a 580 to qualify for an FHA loan and that would require 3.5% down plus closing costs.
You might qualify for FHA with credit under 580 but you’d have to put 10-20% down plus closing costs. And that’s a big if, lenders are being very strict with who they loan to.
Sounds like it’s better to let your husband try with just him on the loan, but it also comes down to debt to income ratio as well, that’s a big factor.
I know when we were buying a lot of these “down payment” assistance programs wanted a credit score of 700+ to even qualify.
You could always try an USDA loan if you’re looking to live in a rural area.
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Go see a financial advisor- they will help you get your credit where it needs to be. In order to qualify for a mortgage loan, you need at least a 620. You can do an FHA loan on a property with a 500 but you’ll need to put at minimum 10% of the value down. In all honesty, your best bet is to start saving money for a down payment while repairing your credit. Once you have your credit repaired, prequalify with a lender so you know what you can afford, then go house shopping.
You need to think about debt to income ratio too. He’d have to make a lot more than you to qualify for a $219k mortgage loan. Thats just pretending there’s no other debt involved. those credit scores are probably going to put you with a decent down payment. If you leave yourself off then your income doesn’t count either. Lower approval amount. I’d work on your credit for about a year or so and give the market time to see if interest rates will go down as well. All of your factors don’t favor in buying a house right now.
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My advice is get your credit up especially in this economy they’re gonna use yours because it’s lower
This is what we had to do…
1.Does he have a credit card in good standings? That’s been open for more than 6 mns that he could add your name to booster your credit? I had AK jeweler’s card for 5 years.My husband knew nothing about in good standing.
2. See, if your state has a program that will initially pay for your down payment. Washington has a program you have to take an Online classs They put you’re down payment down.You have thirty years no interest to pay it back unless you refinance or sell your house.
3. Don’t let your bank account go into the negative for over 6 months.You have to have ex amount of money in your account.
4. Talk to a finance person.They will Give you the best advice to either pay something off or don’t pay it off on your credit.
You’ll get no help off Facebook you need to sit with a lender for your situation
620 would be the minimum you’d need really … and if you’re both on it they’d do an average of the two … so the score they’d use would be 585… if you need help with getting your score up and speaking with a very friendly lender who is not pushy I’d love to recommend them to you 🫶🏻🫶🏻
Everything that Tina Martin said! Also Interest rates have dropped this month and we are hoping for another drop in September. Hopefully this will help you. Best of luck to you
Fix your credit first. It will be quick and beneficial in the long run. Keep all balance below 20%, pay on time and almost double . You’ll see a huge difference in a few months. Don’t think anyone will touch you with a score below 650. Aim for 700-750 score.
So I got a question for everyone. If we want to see a financial advisor do we just go to our bank and ask?
My on Experian is a 596 but they pulled it on whatever they pulled it up on and it was a 619, but they also look at how much debt you have and if you’ve had any late payments on anything, if you have, you’ll have to wait 12 months of no late payments and you’ll have to make a certain amount of money, I’m currently going through the process of getting one, it’s a whole process, they wanted months and months of pay stubs, also if you rent they’ll want proof where you’ve been paying the landlord that much money a month, they want to see consistent payments
Work on getting your credit fixed, you won’t qualify for much as of now.
You’ll need better credit. Read the book I will teach you to be rich. It covers lots of good financial information. When it dies come time to get a house get a first time home owners or USDA loan
We bought last time, (our first time) when interest rates were great and our credit score was similar to you guys. I’m in the process of buying and selling now again. My husband and I both have excellent credit and we are still paying thousands in points. I’m afraid with these interest rates, you may be upside down on your mortgage very quickly. If you can wait a year, I’d say do it save like crazy and have a really big down payment. Otherwise, go in with both of you. Refinance in a few years when your credit goes up and you can drop your PMI. But have your name on it 
no matter what!
These mofos don’t answer the phone at 2pm! Might as well take a shot early! Run It!
From what I’ve been told (not sure if it varies from state to state) you can’t be left off
In this economy, see your banks financial advisor. Make a plan. Have a budget. Stick to it.
Don’t get a house just to have one. Be smart and take your time.