Archive for June, 2009

Q: I have a great credit score of 730+ but my husband’s score is not the best. However, he makes the most income. Can I be the main borrower since my credit is better?

A: The borrower that makes the most income actually needs to be the primary borrower. Since you have the better credit scores, if you generate enough income to keep your debt to income ratios below the lender guidelines, then we could only utilize your qualifications for the loan. In the meantime your husband can be working with our credit repair program (www.KentonBecker.com/creditrepair) to get his scores up.

However, if you do not generate enough income to qualify and you need your husband’s income as well, then depending on where his scores are at, it could take anywhere from a month or two, to six months or more to repair his credit. There are so many variables that we really just need to take a look at his credit report.

I actually just had a client who had a 600 credit score because his proportions of balances were too high. So, he paid some of the balance off of a couple of credit cards and whala! His score went from a 600 to a 621…that was just enough to qualify for this particular program.

So, if you are unsure if you can obtain financing. It only takes about 20 – 30 minutes to go through your information to see what your options are for financing. Then, you can begin looking for your home. It is always wise to look at financing options first, before you spend your time home searching, only to find out you have some adjustments to make before pursuing the next step in purchasing or refinancing.

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