My credit score is 494 My wife's is 646 we are looking to buy a house but with my score the rate will be to high. I was wondering if my wife's would work even though she has been at her job less than a year?
2006-08-06 10:10:39 · 5 answers · asked by coolishmo 1 in Business & Finance ➔ Credit
We make the same amount
2006-08-06 10:19:06 · update #1
The length of her employment will be far from the only factor. But, if you want both of your names on the deed of the house then you would both need to take the mortgage, or at least sign the mortgage agreements. It may be possible for you to sign the agreements without actually signing as a borrower, but I dont know. I would say you'd need to consult with a mortgage specialist. If you apply they can work out all sorts of scenarios for you and let you know what you need to work on. It may just be that your wife's name needs to go first, and you to just sign as the co-borrower.
2006-08-06 10:19:32 · answer #1 · answered by ShouldBeWorking 6 · 3⤊ 1⤋
Your best bet is probably to improve your score as quickly as you can. Go to your bank and get a "secured" credit card. (You give the bank $1000, they give you a card with $1000 limit). If you use the card to pay for everything (especially big purchases) and pay the whole balance a few days early each month, your credit score will quickly improve.
If your name is on the mortgage they will use both your scores.
Best wishes!
P.S. rates are so low (historically) right now that even an "expensive" loan would be better than no home! Just buy waaaaay less house than the lender says you can afford, and you will never have to struggle to make the payment.
You can always "trade up" in a few years!
2006-08-06 17:20:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Is your score low due to negative info on your credit reports?
If so, be sure to opt out before you start house hunting. If you don't, the collectors will start coming out of the woodwork demanding payment (even if you are out of the statute of limitations 'SOL' for collecting) That could make it difficult since the loan companies may require those accounts be paid before closing. 1-888-5-OPTOUT (567-8688)
If many of the things on your reports are past the SOL for collecting AND are reporting "inaccurately", you can do a blanket dispute to try and have them removed.
Try to work on your baddies before you start house hunting. Do not use the free FACT-ACT reports to dispute from. Using those reports will give the credit bureaus an extra 15 days to investigate. Do not use the 3 in 1 reports either, they tend to be somewhat inaccurate. Order your paid reports from each credit bureau.
I would suggest going to the site I've listed and do some reading in the newbie forum and then in the credit forum.
Learn your rights and learn how to deal with the inaccuracies on your reports. You can also find the SOL for your state on that site.
2006-08-06 18:15:12 · answer #3 · answered by echo 7 · 0⤊ 0⤋
my score was a lot higher than my boyfriends and we closed a couple of weeks ago. However, I do make a little more money than he does, so I was the "borrower" and he was the "co-borrower". I don't think if matters that she has only been at her job for a year as long as she has been in the same profession for at least 3 or 4. I'm not an expert- this is just what my mortgage broker told me.
good luck
2006-08-06 17:17:24 · answer #4 · answered by senoritaboston 4 · 0⤊ 0⤋
More than likely, you will have to do a stated income loan, and the interest rate will be slightly higher.
2006-08-06 19:43:49 · answer #5 · answered by Chocklategurl 2 · 0⤊ 0⤋