IS 691 a good credit score to get a first time buyers home loan?

Question

i am looking to get a home loan and my score is 691 and all i have is a car payment of 385 a month. i make about 37,000 a year and my wife who has bad credit makes 25,000 a year would we be able to get a loan for a home by the way my wife has bad credit.

Answer 1

if your wife also has over 620 then you should look into the mycommunity program. otherwise you whould be able to do a FHA mortgage with 2.25% down...

Answer 2

Hello ,

A high or – or “good” – credit score is usually in the mid-700s and higher (it really depends on what the credit score is being used for).

However, 691 is certainly strong enough to get you qualified for several first time home buyer loan options that are available out there.

Since the car payment is all you pay out in terms of bills, I recommend you help your wife to pay off her debt so that her credit score will increase and you can purchase the house together.

If you can wait to buy a home, you might want to. Helping to pay off your wife’s debt will take some time, but if you are not in a huge rush, it will be worth the wait considering you'll be able to get more house with a $62,000 combined income versus a $37,000 single income.

Otherwise, it would probably be easier to get the loan in your name only. Mortgage companies will consider both of your credit scores, so it will hurt your chances for a good rate if both of you are on the mortgage. If you need her income included to the mortgage amount you want, talk with a trusted mortgage professional about ways that might be able to be worked out.

I have included two helpful links to information regarding how to repair your credit score as well as what you can so to increase your and wife’s credit score and the Quicken Loans First-Time Home Buyers Guide.

I hope this answers your question.

Answer 3

You might want to get a copy of your wife's credit report and see if you can start clearing up her poor credit.

Try to negotiate settlements with her bad debt. Get any settlement agreement in writing before you pay and never give the creditor access to your bank account. You might be able to settle some of the debt for 50% to 75% depending on how old it is.

Work on the newer ones, as the older negatives have less impact on your credit score.

Answer 4

Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing officemortgage brokers or institutions that are authorize to administer the program. These agencies are normally listed on a pamphlet.

Answer 5

This is a good question, and one that has intrigued me for a very long time.