First time homebuyers, husband has bad credit

Sorry, your best bet is to be solo on the loan itself. He can still be on the deed. But for qualification sake, he will not be helping you qualify for any loan program other then a side note to underwriter mentioning his income he brings to the loan. With the scores over 720, that opens to doors for programs other then FHA, which you may not see from your perspective but any lender with a variety of programs can point this out to you. So I wouldn't look at this in a negative perspective other then you are limited by your income alone. Jbennett@riverviewbankpa.com

Call me at 516-206-0000 or 347-505-0130, My name is Nikitas Kouimanis. Thank you, Its on a case by case basis I would have to look at his credit.

We can provide you with credit repair services to help improve your husabnds scores if possible. We use credit simulation software that takes all the guess work out of the process. Contact me @ 856-974-5357 to discuss your situation. Ask for Tim Miller or my assistant Joe wishnick.

You will need to speak with a local lender that can take on the lower credit score if you want to have him on the loan.

Unless he applies with you, his income cannot be considered.. If you make enough, you can apply on your own, and then you can add him to the deed after the loan closes, but the only way for his income to be considered is if he's on the mortgage with you. and with a 550 credit score, there really isn't any options.. He needs to improve his credit in order to apply. Understand that when it comes to loan pricing, the lender looks at the LOWEST mid credit score of ALL Borrowers.. so even though you have good credit, your interest rate will be based on the lowest scores of your husband. Keep in mind that with a 550 credit score, it's very likely he has some pretty sever derogatory credit.. certain credit events carry mandatory waiting periods.. while other items must be corrected before he can apply. Example: if he has had a BK, short sale or foreclosure, he would need to wait 3 to 7 years before applying.. Also, if he has unpaid student loans, unpaid taxes, judgments, or unpaid child support, he would need to either pay them or bring them current for 6 to 12 months before applying.. It's difficult to advise you without looking at the report to see exactly why his score is so low, but it's obvious there's a lot of bad stuff there.. so it might be best to contact a local credit restoration company and get working on improving the scores.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

For underwriting purposes, we use the lowest middle score of any borrowers on the mortgage. If you are looking to increase your buying power, you can include him the loan. However, you will be penalized by a higher interest rate 10% minimum down payment required for a lower credit score (550-579). We have a FHA program for mid credit scores 550+ but it we would need to review his credit to determine if he has sufficient "reestablished" credit to qualify. My office is located in Bridgewater, NJ. Call me if you would like to discuss your situation. Ted Ark, Golden Mortgage Corp.tel: 908-722-9217NMLS # 27281

Sorry, his poor score is going to cause major issue... a denial. Plus, he would need to be on the loan to use his income. Your best route is to work hard on improving his scores. Maybe talk to a credit repair company.