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thefinz

Question to getting approved for mortgage.

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Ok here is the thing. I have been steadily employed for over 7 years, but have wrecked my credit. My score is 443 Eq. My wife however is not employed and has a credit score of 670 eq. Would it be possible for us to get a mortgage with me being a cosigner for tye income on the morgage or what.

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Common Questions from First-time Homebuyers - HUD

Ginnie Mae: Your Path to Homeownership

Ohio/U.S. Department of Housing and Urban Development (HUD)

https://www.hudhomestore.com/Listing/PropertySearchResult.aspx?sState=OH&sLanguage=ENGLISH

Can I become a homebuyer even if I have I've had bad credit, and don't have much for a down-payment?

Answer: You may be a good candidate for one of the federal mortgage programs. Start by contacting one of the HUD-funded housing counseling agencies that can help you sort through your options. Also, contact your local government to see if there are any local homebuying programs that might work for you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can't find it, contact your mayor's office or your county executive's office.

Edited by racecar

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Chances are no...They will still take into consideration your credit score. Unless your wife was employed making a good income and could qualify on her own. You are going to need to start rebuilding your credit. Start with anything being reported on your CR, make sure everything is paid on time, or clean up any negative accounts that are still open.

Depending what is on your CR that is making your score so low, the proper course of action is TBD!

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Ok here is the thing. I have been steadily employed for over 7 years, but have wrecked my credit. My score is 443 Eq. My wife however is not employed and has a credit score of 670 eq. Would it be possible for us to get a mortgage with me being a cosigner for tye income on the morgage or what.

Things have changed but back in the day American Express did exactly what you suggest; they gave me and my spouse the mortgage loan based upon my credit but HIS employment history. This helped out our credit for a time and sadly we refinanced at the peak of the boom. It was a mistake because it was a sweet loan. I don't know if Amex originates mortgage loans anymore, but there may be companies out there who have similar programs. If you have a stable employment history and work in a stable sector anything is possible. Have you considered privately funded loans?

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read my thread concerning 'credit check' to see how you house is being purchased and what a mortgage truly is

Before making any mortgage decisions, understand it.

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