Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We are thinking of buying a house and for the range we have thought of and looking for, we can put atleast 40-50% cash down.
In our case:
- I have a good credit score but I will be leaving my job soon so no income for me.
- My husband does not have enough of credit history. He recently changed his job and got a job with a forune 100 company and has good/reasonable salary.
I know my husband alone cannot apply for a loan and get approved because of the lack of credit history.
I also probably cannot get a loan with no income source of my own.
Can the two of us apply for a loan together and get approved ?
You've got a substantial down payment, which will work in your favor. You will have to make sure you find something where the payment will be less than 25% of your gross income. These are 2 of the things lenders consider when approving loans for people with limited credit history.
The third thing is length of time in a given field. They like to see 3 years. You say your husband is changine jobs; as long as he is staying in the same career field this shouldn't be an issue, but if he's switching careers it might cause some concern.
Your good credit history will probably still help if you buy the house jointly. It will show that you are a responsible person who takes care of your financial obligations. The bank should look at your household income and overall household crediworthiness and issue credit based on that, understanding that you and your husband are committed to paying the loan off together.
One last thing, you say your husband has a lack of credit history; if that means he just hasn't used credit enough to build up a FICO score that won't really hurt you. But if he has messed up hi credit in the passed and not used credit since then to build it back up that could cause a problem.
Thanks
We do plan on buying together and he has been working in the same field but recently moved to another state because of the better job.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
