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Me= Good Income, Low Score. Husband= 624 Credit Score, Low Income. Can We Buy a Home?

My income is over $85,000 a year, but my credit score is 572. My husband's income isn't steady, but his credit score is 624. Are we able to get a home with our combined issues? by JanetBeaman648 from Houston, Texas. Feb 6th 2017 Reply


Victor Emmel (victoremmel)
#92 ranked lender in Utah - 20 contributions

There are FHA loans available with credit scores in the 570 range. However, it will be a very difficult process. Your best bet is to work with a lender that can give you some strategies to help get your 572 credit score up to above a 580, preferably 620 which will give you more flexibility, especially in your debt ratio. I'd be happy to help point you in the right direction should you need any help. Happy Homebuying!

Feb 6th 2017
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Check with a credit repair agency in your area to advise you as what needs to be done in order to get your credit scores up.

Feb 6th 2017
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Larry Gray (lgray_312_247)
#564 ranked lender in California - 1,127 contributions

When you get a good analysis by a Mortgage Broker who has assisted many potential home buyer's in increasing their credit scores, you will discover it is neither difficult nor need it be anything but fast to get your score up to 580. That really opens the door for you providing you have other strengths (i.e. low overall debt to income ratio and good reserves) to getting a home purchase loan with 3.5% down payment. Once you get an idea of what it takes, you can rapidly continue to improve your mid fico credit score to 620 or better which opens the door to more loan possibilities. You should not have to pay a credit repair agency to get to where you need to on your credit scores. I encourage you to consult with mortgage brokers and Texas and see if they have experience working with someone in your situation.

Feb 6th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,862 contributions

It's possible to say without much more info... We would need analyze your complete loan profile before we could advise you.. First, Why is your score so low? BK? Foreclosure? Collections? unpaid judgement? unpaid taxes? etc.. You could have a 750 credit score, yet with one of these credit deficiencies, you still might be denied.. but without looking at your complete loan profile, it's impossible to advise you.. But one thing is for certain.. you must have some major credit deficiencies if your score is 572.. The best advise I can give you would be to contact a local mortgage professional.. (not the local bank, but a mortgage company).. and let them look at your complete loan profile.. once they see the whole picture, they can tell you what would be necessary to get financing.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 7th 2017
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Joan Gallardo (apply@clearlending.com)
#198 ranked lender in Texas - 23 contributions

Mrs. Janet I can do as low as 530 scores. All it requires is a manual underwrite and make sure the reason for your low scores is not due to late payments in last 12 months which would make it harder. Feel free to submit a request for info at: https://www.clearlending.com/en/get-pre-approved

Feb 8th 2017
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