You actually might have been able to do this two years ago, or even as late as 7-9 months ago, however with stricter lending policies, every mortgage lender is looking at what loop holes exist and how to close them.
Because BOTH of your social security numbers and pay stubs would be necessary for income verification it won't be possible to use a combination of income/credit information without both parties being involved in the process.
The only possible work around would be for the lender processing the loan to do a combined credit score and take the average of the two, however it may still be necessary for BOTH of your information to be submitted in order to get the loan processed.
Misty, The Money Madam
Got foreclosure questions?
Want to learn how to stop forclosure?
Looking for real foreclosure help?
Go to: http://www.stopforeclosurevideos.com today.
There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.
A mortgage score is a specific type of credit score that is specifically designed for mortgage lending purposes. It focuses on factors that are particularly relevant to mortgage loans, such as payment history, debt-to-income ratio, and the presence of any past mortgage-related delinquencies. While a credit score is a general assessment of creditworthiness, a mortgage score provides a more targeted evaluation specifically for mortgage lending decisions.
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
Each mortgage company or bank will have their own requirements. In addition to a credit score, there are other factors such as income. A credit score of 604 may be high enough to get a home with a high interest rate.
If you have a history of payments made on time and lived up to the agreement..you betcha! We paid off our mortgage 5 years ago and our credit score has decreased according to the credit bureaus this is due to the fact that we do not have a mortgage. The longer we go without a mortgage (or car loan) the lower our credit score goes. That is because the credit score is based on available credit against what you owe. But having no mortgage is a huge plus when it comes to making a large purchase because what you owe based on your income will be a lower percentage.
There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.
A mortgage score is a specific type of credit score that is specifically designed for mortgage lending purposes. It focuses on factors that are particularly relevant to mortgage loans, such as payment history, debt-to-income ratio, and the presence of any past mortgage-related delinquencies. While a credit score is a general assessment of creditworthiness, a mortgage score provides a more targeted evaluation specifically for mortgage lending decisions.
Ameriquest Mortgage has been bought out by Citigroup. The requirements for a mortgage through Citigroup are household income, duration of mortgage, and credit score.
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
Each mortgage company or bank will have their own requirements. In addition to a credit score, there are other factors such as income. A credit score of 604 may be high enough to get a home with a high interest rate.
If you have a history of payments made on time and lived up to the agreement..you betcha! We paid off our mortgage 5 years ago and our credit score has decreased according to the credit bureaus this is due to the fact that we do not have a mortgage. The longer we go without a mortgage (or car loan) the lower our credit score goes. That is because the credit score is based on available credit against what you owe. But having no mortgage is a huge plus when it comes to making a large purchase because what you owe based on your income will be a lower percentage.
I believe the likelihood is very good - your credit score is very good and your income in good - it also depends on how much debt you have - like credit cards etc....
Generally, FHA credit score requirement is 620-640, and 660 for a conventional loan, so yes. The rest depends on your income, debt to income ratio, and down payment.
If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.
It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.