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He has good credit, I have bad credit, can we still get a morgage together?
My husband has really good credit, he makes about 50,000/year and already has a house with a morgage of about 120,000. I make about 60,000 but while in college really messed up my credit. Could we ever get a morgage together or would they not give us one because of my bad credit? Serious advice is VERY much appreciated. Thanks!
We want to buy some land and build and would want to get a morgage around 220,000
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| By
Lindsay |
Posted on
01/03/08 Total Answers
3 |
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| Answers- |
| You'll probably get the loan, but not with a rate as low as two borrowers with strong credit would get. |
| Answer by :
curtisports2 On Date
2008-01-03 15:11:59 |
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| I think I have good news for you, but with a couple asterisks attached.
First, you have to see how bad the damage is. If you have a history of making on time payments for a few years, the problem isn't anywhere near as bad as you might think. Messing up credit doesn't have to cause permanent damage -- it's cured by showing you're responsible with loans, and you show that by making on-time payments.
So go to www.annualcreditreport.com. That's the free Web site that federal law required the big three credit bureaus -- Equifax, TransUnion and Experian -- to set up. It lets you see one free credit report per year from each.
You also might want to spring for the credit score from each. The score is a three-digit number distilled from the credit report, and it's what lenders look at. It'll cost you around 30 bucks. You can get the scores from many places; www.myfico.com has all three, plus good explanatons.
So you did some damage to your credit, but how much depends on how long ago it has been and how your payment history has been since then.
Let's say that the loan is a 30-year fixed loan, and because of your past credit, you have to pay a bit more than the average in interest. I'm going to guess that it will be a 7 percent loan. The average for good credit is about 6.2 as of now.
The monthly payment for a $220,000 loan at that rate is around $1,460 (not including insurance or taxes). Your income levels can handle that.
One last thing -- assuming you've learned your lesson, if you don't already, you should mingle at least some of your finances with your husband. His good score helps lift yours. And after all, helping a wife is what a good husband should do, right?
As always, talk to a professional for specific advice, but I've given you the lay of the land -- and from here, it doesn't look so bad.
Good luck. |
| Answer by :
CreditCards.com On Date
2008-01-03 16:07:41 |
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| I'm not a specialist in this field but have been in the same boat.
Let's just say through experience I have been able to get a mortgage even a year after bankruptcy. Both my wife and I.
If all else fails, try Xceed.
These guys helped me when no one else would.
You will pay highly for it if you want it bad enough.
Good luck and enjoy your property. |
| Answer by :
Randy On Date
2008-01-03 18:14:50 |
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