Question by dfree1964: My wife has brilliant credit while my credit score is 616. Can we get a decent home loan in Ohio?
My credit score is 616 and I make 40000.00 a year. My wife has brilliant credit but makes about 25000.00 a year? Am I going to stop us from getting a decent home loan?
Best answer:
Answer by iceman
Nope —not at all. Your profile sounds very much like mine and my wifes, only reversed. We got approved with no problem.
Always remember that credit score is just one part of the equation when buying. Lenders will look at down payment, income and other factors as well.
What do you reckon? Answer below!
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Much of it depends on your debt to earnings ratios and other credit factors. If you have a credit item such as a credit card with her name as primary, that can really hurt your credit score. That part of the credit score system is being corrected in the next few months.
Since you are questioning your possibilities, I would recommend that you use a mortgage company that uses “Manual Underwriting” which will take a “hands on” approach. When they do that, then you should have a decent chance at excellent terms.
Just make sure you keep the debt to earnings rations reasonable with regard to the size of the mortgage.
Excellent luck.
Don’t lose hope if you’re looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it’s still one of the best investments that you can make, so, in many cases, it’s worth it, especially for the first year of ownership.
You should shop around, and question different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in terrible credit mortgages. You can find some terrible credit mortgage lenders listed on this page on and off:
http://www.axalda.info/terrible-credit-mortgage.html