Question:

With my poor credit, how do we stand with applying for a mortgage?

by Guest63123  |  earlier

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He is a physician and I am a teacher, making almost no money. He clearly carries the financial responsibilities. We are young and have a few years until we purchase our own home together. How important is it that I don't make as much $ as he does, for the mortgage? I am afraid we will have trouble. I also don't have wonderful credit, compared to his spotless credit history. I am worried about the application process...

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3 ANSWERS


  1. In this situation, you can actually have him apply for the mortgage by himself. You do not have to apply jointly...Many couples do this for very similar reasons.

    Your lower income will mean NOTHING. However, your poorer credit can impact the interest rate that you are offered. See what you can do over hte next couple of years to improve your credit...that way your income can help where you need it to. You'll be fine even if he has to do it himslef. Just plan carefully so that your name is still on the deed (but not the mortgage) should something happen to him...you don't want to lose the house because you aren't on the deed.


  2. You and your husband need to pull your free credit reports from annualcreditreport.com and go over your accounts. Your credit might be bad, but it might not be. You won't know until you look.

    Your credit score is obtained from myfico.com. That will be the score your lender will look at.

    If you have bad credit, there are some things you can do to try and fix it. You can try to dispute items, negotiate with your creditors, pay off old debts, etc. It really depends on your situation.

    Good luck!

  3. The best time to start is now.

    Pull your credit reports to see what's on them.  Then, pull your FICO scores to see where you stand and what you need to do to  improve.

    This is a learning process.  It takes time.  But, once you get on the road to recovering your credit back, you learn to treat it like it were a baby that you protect with all your might.

    You need a little education.

    I highly recommend a message board (totally free) that has helped me  so much.

    Please see the links below.

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