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Buying a house!!!

My husband and I are thinking about buying a house. His credit isn't good at all. Mine is good. I know I could get a loan BUT I do not have a job so someone explain this to me. Will they just look at his credit score since he has the income or will they look at both?? We are looking into the Rural Housing Loan FYI.

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madiberry

Asked by madiberry at 6:21 PM on Nov. 7, 2010 in Money & Work

Level 1 (2 Credits)
Answers (7)
  • Unfortunately your credit is his credit and vice versa. Once you become married, you become "one" in more ways than one.
    shanlaree

    Answer by shanlaree at 6:35 PM on Nov. 7, 2010

  • Just because you're married doesn't mean they will look at his score. My husband applied for the loan only and they only looked at his credit score. They never looked at mine, as the loan wasn't going in my name in any way. He and I were (are) married and both the car loan and house loan went into his name. Neither times did they ever look at my credit. They don't care about who actually pays for the loan, as they just care about the credit score of who is applying for the loan. Therefore, you can apply for the loan and he can front the bills with his paycheck.
    JazzlikeMraz

    Answer by JazzlikeMraz at 6:39 PM on Nov. 7, 2010

  • In buying a house, they want to know how much income the person applying for the loan makes. This is how they gauge how much they are willing to give them. They will not give her a loan if she can't prove income, therefore they will have to look at his credit score if they want to buy a house.


    And to clarify what I said above... once married, you may have different credit reports/scores, but for the most part credit cards, loans, etc... will always end up on the spouses report regardless of who applied for the loan, credit card, etc... The last few vehicles we have bought we put in my hubby's name as he is the one that can show income, but they are on my credit reports as well. I have a credit card that I have had since I was in college, in my name only, but it is in his credit report as well.

    shanlaree

    Answer by shanlaree at 6:53 PM on Nov. 7, 2010

  • Since you are not employed they will want to run his credit and he will have to apply for the loan. I would help him repair his credit and in the meantime start saving so you have 20 percent to put down.
    tabekat

    Answer by tabekat at 12:33 AM on Nov. 8, 2010

  • Both your names will be on the loan so they will run both, but since he has the only income, his score will have more bearing that yours.
    HotMama330

    Answer by HotMama330 at 12:35 PM on Nov. 8, 2010

  • You are probably going to go through a pre-approval process so you will know if you are able to qualify.
    tasches

    Answer by tasches at 3:02 PM on Nov. 8, 2010

  • usually the borrower best qualified is the one that makes more money and if he has low scores you will pay an interest based on his scores. If you were making more income then you would be the primary borrower and your interest rate would be based on your scores. good luck!
    cuteness13983

    Answer by cuteness13983 at 7:22 PM on Nov. 8, 2010

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