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FHA Bad credit question


delphipgmr
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The last post in this topic was posted 1959 days ago. 

 

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hi

 

my daughter and new husband are looking to purchase a house.

problem is with income and his credit.

 

her credit is 680-710, his is 560-570.

 

she does not have a job, however, she has a trust fund that she will be able to get about $60K out for a downpayment (in september).

 

he is a manager at walmart, for last 5+ years.

 

qualifying with just his income shouldn't be a problem. (looking for a 120-150K house, payment estimated around $450/month with tax/insurance)

 

 

i havent seen his credit report yet, but from what he says, he should only have 2 items on it.

 

a credit account for a jewelry store for wedding ring. (approx $2000, $1000 remaining)

Student loans (hence the problem) was in default, but is paying. not sure on the amount yet.

 

so, we need to get credit score up to 620 or better.

 

paying off ring (never late payment), is an option.

 

 

possibly paying off the student loans (not sure how much yet)

 

but not sure if that will raise or lower.

 

any advice on how to proceed?

 

 

 

 

 

 

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He could be added as an authorized user to establ;ish a little more history and positive credit - you can get a loan with a lower score - especially if the down paymenbt is large however there are certain things that cant be overlooked - what is it that is bringing his score down - has he missed payments - any collections or judgments? Thats the stuff you need to find out - it should be kind of obvious where the problem lies once you see his credit -

 

Whatever he does all payments need to be on time going forward

 

B

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