Posted by al on July 11, 2005 at 21:05:48:
Correct…stated income is not verified only employment…with a 661 middles score you could qualifyy
Who’s credit score will the bank use? - Posted by Natasha
Posted by Natasha on July 04, 2005 at 18:45:31:
Here is the scenario, my husband has horrible credit. (score of 314) ouch! We are planning to build a home in a year. My score now is around 661. We both plan on working on our credit. But i doubt his will be up to par by then. He makes more money than I do. I was told that since he makes more money than i do, he will have to be the PRIMARY borrower on the loan. Which means they will be looking at HIS credit. Is it possible to get a bank that will look at my credit instead of his, even though he makes more money than I do? I mean, if they use his score, we may be paying high interest rates out of our butts. I cant have that!!
Natasha
Re: Who’s credit score will the bank use? - Posted by Eric
Posted by Eric on July 04, 2005 at 20:39:14:
Contact a mortgage broker who is reputable in your area. With a 661 you can go with a stated program, just use your credit and get close to 100% financing and still get a decent interest rate. The best thing to do right now is to keep your husband completely off of the loan. Can only hurt you right now, and in a year, I’m sure even when his credit score goes up that this is the route to go. The program will be stated wage earner (unless you are self-employed) then stated self employed. I might be able to help you depending where you are. loansbyeric@comcast.net.
Good luck.
Re: Who’s credit score will the bank use? - Posted by Natasha
Posted by Natasha on July 04, 2005 at 21:27:48:
Would this apply for a construction to permanent loan? Also how can I keep him off of the loan, I only make 35k per year, whereas he makes 55k. And we need both incomes on the loan to show we can pay the mortgage. I cant get a 300k+ loan with 35k per year. Is there a way I can say his income is extra income, as if i have a second job etc.
Re: Who’s credit score will the bank use? - Posted by Jorge Carrejo
Posted by Jorge Carrejo on July 08, 2005 at 24:04:49:
There is also bank statement programs out there. Does he deposit money into an account that only has YOUR name on it? I doubt it, but you never know.
Here is an Idea. go to a website called veracity credit. Just put the www. and the .com at the end. They can help him with his credit.
Also, why is his score so bad? Where did you get those scores from?
Re: Who’s credit score will the bank use? - Posted by John
Posted by John on July 05, 2005 at 13:08:36:
You are misunderstanding the response.
Stated income for loan documentation Means you state your income. It is not verified. Your job may be verified but not income. It is what you say it is.