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My husbands credit is good and my credit is bad. do we have to use both of our credit to buy a house?
Wiki User
∙ 15y ago
No, you don't HAVE TO, but if you want to both be on the deed, etc, then you might want to. Basically, the mortgage maker (bank) will take the better of your scores and use that to enter into the computer to spit out a loan program they can offer you. Also, they will combine your incomes to calculate the amount they can lend you - so no, you don't have to, but it won't hurt you just because your score is bad; it will possibly help you because it will make your profile a bit more robust since your income will be collectively higher.
Wiki User
∙ 15y ago
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When it comes to credit what is good?
A good credit score is anything between 700 and 749. It is very important to have a good credit score when wanting to buy a house.
How much do you save to buy a house?
It will depend on how good your credit is and what you want your payments to be. If the price of a house is $100,000 and your credit is good and your fico score(this is your credit score) is 660 or higher You will need to put down 5%-10 % or $5,000 - $10,000 plus closeings cost of another 4% or $4,000.00 so if your credit is good you will need to save 9% -15% of the cost of the house you want to buy. Now if you have bad credit, you should clean up your credit before you buy. With bad credit your intrest rate will be high and your house payment will be high.
Is a credit score of 679 good enough to buy a house?
yes it is
If you have bad credit but your fiance has good credit how will you be affected when applying for a mortgage loan?
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
If you add an authorized user to your credit card would they be able to gain credit?
YES! Before me and my husband got married, we were going to buy a house. I put him on my credit cards, and in a few months, his credit was just as good as mine. We were able to buy our house within 6 months of adding him. I hope this helps you out. Good luck!!
When it comes to credit what is good?
A good credit score is anything between 700 and 749. It is very important to have a good credit score when wanting to buy a house.
Do you need good credit to buy a house?
Yes, in order to obtain a mortgage you will be required to have a good credit record.
How much do you save to buy a house?
It will depend on how good your credit is and what you want your payments to be. If the price of a house is $100,000 and your credit is good and your fico score(this is your credit score) is 660 or higher You will need to put down 5%-10 % or $5,000 - $10,000 plus closeings cost of another 4% or $4,000.00 so if your credit is good you will need to save 9% -15% of the cost of the house you want to buy. Now if you have bad credit, you should clean up your credit before you buy. With bad credit your intrest rate will be high and your house payment will be high.
Is a credit score of 679 good enough to buy a house?
yes it is
DO you need good credit to rent a house?
To rent a house you either need a good credit score or no credit at all. Typically students or young people usually have no credit and are fine getting a rental. Of course if you do not have any credit you usually have to have someone co-sign on your lease. You can easily get good credit by simply getting a gas card or any other card that you can quickly or automatically pay off.
If you have bad credit but your fiance has good credit how will you be affected when applying for a mortgage loan?
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
What does Islam say about a woman who leaves her husband's house?
It depends the situation or the conditions in which she leaves or is forced to leave her husbands house. In normal circumstances a good wife should not leave her husband's house without his permission.
If you add an authorized user to your credit card would they be able to gain credit?
YES! Before me and my husband got married, we were going to buy a house. I put him on my credit cards, and in a few months, his credit was just as good as mine. We were able to buy our house within 6 months of adding him. I hope this helps you out. Good luck!!
where can I get a good free credit check?
There are several online websites that provide free credit checks for individuals. One is www.equifax.com and another is www.transunion.com. Both are good resources that provide credit ratings.
Can your parents cosign for your house loan?
Anyone can if they have enough good credit. Relationship to you has no bearing.
How does consumer credit work?
Consumer credit can be considered to be a complicated work of art. When a credit purchase is made it affects the credit score. Having good credit is essential to making huge purchase such as a house or a car.
If my mom cosigns with me on a loan will they only look at her credit and give me the interest rate based on her credit or will the look at my bad credit?
They will look at both but the good news is you will get a better rate if her credit is good than you would have if you'd signed on your own.
