Good Credit and Bad Credit, can we qualify?

[MsPenny]

Hello, my husband and I are looking into buying a home for the first time. We are currently newlyweds and only got married about a year ago and we are still living in apartments. We haven't really opened any new accounts together as joint accounts besides our bank accounts. Unlike my husband, my credit score is about 750s I would say from the last time I checked. I've always stayed on top of my bills. But my husband's credit is in the low 500s, I guess from when he was in college he misused a couple credit cards and he hasn't really taken care of them since.

If I have good credit and my husband has bad credit is it possible to still qualify for a home loan? Or do we both have to be in tip top shape? If so, how much more points does my husband or even I need to qualify? In situations like this, what would you suggest?

[Mangie]

Hi MsPenny,

You maybe able to quailify on your own depending on your income and the price range you are looking for, there are also may other options for 1st time home buyers that we are very familiar with and if you would like to discuss more about obtaining a loan, give us a call.

A suggestion if I may, I would suggest is have your hubby look into repairing his credit, whether on his own or by using a credit repair service. The sooner he starts the better your futures can be together. You do not want to take the burden of doing everything on your credit.