We want to buy a house but my husband just got approved for a credit card my credit is 650 what are our chance

Question

My husband barely got his permanent residency a little over a year ago land has not established credit yet. Do we need to wait?

Answer 1

it will be very difficult in this setting to secure a mortgage. i would advise checking with a reputable mortgage broker in your area

Answer 2

Try to get qualified for an FHA insured loan. You may be able to use alternative credit, such as, utilities. you gas company etc. will give you a rating if you ask.

Answer 3

No. If he has been employed in the same line of work for 2 years  (and you have, too) and nobody has any collections, charge offs or late payments you're probably good to go. You'll need to be able to prove income, job history, rent history, and debt-to-income ratio but a local professional will explain.

You don't necessarily need to go with FHA so call a licensed, experience BROKER (not lender or bank) in your area an speak with a seasoned loan specialist. Check the HUD website to make sure they are an approved vendor by visiting http://www.hud.gov/ll/code/llslcrit.cfm - many are not approved but are unethically skirting the law by using a loophole. Approved FHA originators have spent thousands of dollars to prove themselves as reliable purveyors - the other (few) have not submitted themselves to the checks and balances established to protect you. So if they are above the law on that issue watch out ...

Best to you - generally speaking it is a GREAT time to buy!