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We want to buy a house next year...?
I have good credit but only make $30,000/yr. My husband has bad credit but makes $100,000/yr. We are trying to get things cleaned up but I know we won't have the money to fix it all before our lease is up in March and we HAVE to move. Can we buy a house under my name listing his income with mine or is all essentially the same credit? We've only been married for a year. Is there anything we can do to buy or are we stuck renting for a few more years?
3 Answers
- Steve DLv 71 decade agoFavorite Answer
Unless you are buying something under $90,000, you are going to have to rent for a few years until you get his credit cleaned up. You will also probably need 10% down at a minimum plus closing costs. If you have the down payment saved, I would use this money to get your bills caught up and start improving his credit immediately. It will probably take 2 years to get his credit cleaned up enough to buy a house if he is delinquent now. If you don't have the down payment saved, it is all a moot point anyway, since you need cash for the down payment plus closing costs.
- 1 decade ago
At least get his credit manageable before applying for a loan.
You didn't say what his score was but try your hardest to be as close to 700 as possible.
Get his credit obligations down to owing less than 1/3 of his available credit.
If you add him to the loan application as a source of income they will pull his credit.
- npkLv 71 decade ago
You cannot use his income and your credit record only. If both incomes are to be considered, then both credit records must be considered.
