Click To View Links

Need a Real Estate Coach?

My Credit Score

by Anonymous
(Arizona)



My husband and I have a combined credit score of 597. Is it even worth applying for a loan or should we work on our credit for a couple more years and then apply?

Answer....

How was your combined credit score figured? Can you give me what each of your credit scores are?

Jeff

Her Response.....

I think I used a formula a family member gave me. My credit score is 594 and my husband's 620.

My Response.....

Thank you for giving me your scores.

Normally lenders will use the lower of the two borrowers (in this cases yours) to determine the credit worthiness of the loan.

With your lower score at 594, I assume there have been a few things in the past that caused the low scores. Or perhaps you are new in making a name for yourself with credit.

I would think you may be a possible candidate for an FHA mortgage. In today's lending environment, FHA has the most relaxed credit requirements. However they do currently have a requirement of 620.

Sometimes the FHA underwriter can make an exception, especially if your husband is the primary wage earner, and does not have more that two 30 days late payments in the last 2 years.

You just have to try. Since I know very little about your credit file, I cannot tell you for sure. However, when I was in the mortgage business (I'm not any longer) I would have taken your loan application and let the underwriter make the call.

Hope this helps.

Jeff


Comments for My Credit Score

Click here to add your own comments

My Credit Score
by: Alice

This really helped me!!! I was wondering if it was possible to get an average score by combining my score with my husbands. Now I know, thank you so much!

Click here to add your own comments

Return to Credit Questions.

Recent Articles

  1. Other Mortgage Down Payment Assistance - Money Gifts

    Aug 07, 18 03:02 PM

    Mortgage down payment assistance in the way of money gifts can be used. Find the best information on how to use these gifts for your mortgage.

    Read More

  2. Money For Down Payment

    Aug 07, 18 03:01 PM

    Need money for down payment? Find the coolest ideas for loan assistance to get you that important mortgage down payment here!

    Read More

  3. Best FHA Home Loans | Free FHA Mortgage Information Found Here

    Aug 01, 18 07:54 AM

    Looking for the best FHA home loans? Click here now, discover how to pick the FHA mortgage that fits your personal situation best.

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter