will a low credit score (high 500's) affect my ability to get a loan for my house?

Question

my wife has a credit score of 807

Answer 1

Lenders have Programs that Brokers can get you into that you can use your Wife's credit and state your income. This will only affect the loan side of the transaction. You will still be listed on title.

If you are going to put your name on the loan your credit score will affect the interest rate.

If you are interested I can explain in better detail. I am a mortgage broker and I can give you a better idea of what you can do.

Send me an email and I'll give you some more info.
[e-mail]

Answer 2

In order to qualify for a mortgage loan, you'll need to improved your score to a minimum of 680 FICO. Now, your wife has excellent credit, if that's a FICO score not Vantage Score also knows as FAKO scores which are inflated scores or fake scores and have no value to lenders. Note that lenders will not take that 807 score, they will take the middle one between the highest and lowest of FICO scores.

Answer 3

While it's important to have a good credit score, don't forget about your debt-to-income ratio. You both can have A+ ratings, but if you owe a lot more than you bring in, you will have some difficulties getting a good loan.

You can always go stated income but make sure you can show the lender about 3-6months of reserves in your bank account.

Good luck!

Answer 4

It may or may not depending on the creditor's criteria. Usually, a low credit score means that you will pay a much higher interest rate than someone with a higher score. But you could use your wife as a co-signer and get a better interest rate.

Answer 5

Try applying jointly, but if you get turned down, your wife could apply by herself (or with you as a co-signer). She can still list your income as part of the household income, but based on her credit score she'll have no problem getting the loan.

Answer 6

If your wife is the primary and she is a cosigner you should be ok.