Prospective lenders will look both at your credit scores. Anyone whose income is being used to qualify for the loan will have his or her credit checked. The credit scores of the person with the lower scores will determine your eligibility
Despite what others have written, there are loan programs for borrowers with credit scores less than 620. The programs are limited, but they do exist. FHA loans http://www.bills.com/fha-loans/ are what you need to investigate, as FHA loans have less strict credit requirements than a conventional loan.
In fact, according to the FHA http://www.hud.gov/offices/adm/hudclips/… “borrowers with a minimum decision credit score between 500 and 579 are limited to 90 percent LTV.”
The problem is that lenders can have stricter requirements for an FHA loan than the FHA demands.
Still, you should shop around. According to an article from the LA Times in December 2011, “a few of the biggest FHA originators, such as Quicken Loans, will accept scores down to 580.” Speak with some lenders and see whether you qualify or what steps you need to take to improve your credit score. http://www.bills.com/how-to-improve-your…
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- If My Husband And I Have Bad Credit And Want To Buy A House W A 20% Down Payment Do They Combine Scores 4 Loan?
If My Husband And I Have Bad Credit And Want To Buy A House W A 20% Down Payment Do They Combine Scores 4 Loan?
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No, FICO Scores are *never* added together.
The mortgage lender will take the lowest middle score between the two of you. Almost every lender will demand a minimum FICO Score of 620. Mortgage brokers are usually more flexible than the big banks and almost always charge considerably less (fees and/or points). Some brokers may have programs available for borrowers with bad credit (FICO Scores less than 620). Expect to pay several points with bad credit.
They always look at both scores if you both are wanting to be on the loan. Now, this doesn’t mean that if you both have scores in the 500s that you suddenly will have a 1000 score. LOL Doesn’t work like that.
If you both have poor credit scores that are under 620 (most banks now want you to have at least 640 to 670 FICO) and negative unpaid items on your credit report, you won’t be approved for a mortgage. Even with 20% down.
No, they normally base the interest rates off of the lowest score. If you have bad credit, no lender is going to touch you.
Your joint income and credit scores will be taken into account for an overall decision. 20% down will help.