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My credit score is 640, husband's is 595... likelihood of getting approved for a home loan?

My husband's credit was really really bad when I met him... we have both been working on our credit for a few years now and his score is now 595 and mine is at 640. We are first time home buyers and do not have a down payment. We both have great full time careers and currently make around $65k combined/ year. I don't want to ask anyone to cosign- I want us to be able to do this on our own. We have a meeting with a loan specialist in a few days but in the mean time I was wondering if there are any experts/ experienced people out there who can tell me what ours odds look like? We would like to be approved between $130k and $160k. Thanks in advance for any help/ opinions/ advice :)

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  • Anonymous
    1 decade ago
    Favorite Answer

    A credit score changes about every 12 months and it usually goes up between 5 to 10% per month providing you're paying on time. $130K to 160K is perfect for your combined salaries. Don't let the real estate agent tell you that you could afford $250,000 unless they want to cosign for you which you know they'll never do. If i can be of any further help, you can email me at sbcovener@msn.com

    Source(s): Retired bill collector 35 years
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  • 4 years ago

    Your question is confusing. You say you need a loan against your house, but then say you are trying to sell the house? You shouldn't get a loan against something you are trying to sell. With a credit score of 450, you are not going to be able to qualify for a very good loan. Perhaps you will be able to get one from a sub-prime lender, but the terms will not be favorable at all.

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