Lv 4
Amel asked in Business & FinanceCredit · 10 years ago

credit score and buying a house?


me n my hubby would like to buy a home! Each of our credit scores arent that great. I just started mine up about 6 months ago.

But anyways... my husband has a student loan out (still owes 3 grand) and we are behind 600.00 (which we are paying it that 600 off tomorrow with our taxes) and I have like 3 things in mine but they are little things that never came in the mail for me to pay so I didnt know I had them until I checked my credit report. So Im paynig those off tomorrow too, 33.00 & 15.00 lol

Anyways.... my score starting off in the last 6 months is 550(i dont work though, stay at home mother, i have worked)

and my husbands is 552 (He works and makes about 2600 a month taxes included) could we get approved for a home loan or is it even possible. And how much do you think? What do we need to do to help our credit scores. Like I said we are paying our debit off besdies the full 3 grand because we dont have more than 3 grand. But our monthly payments are 50.00 a month, not bad right?

what does your credit score determine when buying a house? Or are we just better off trying to imporve our score by buying a new vechical and making payments on that? Or what? I need help, never done this before!

5 Answers

  • Anonymous
    10 years ago
    Favorite Answer - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

  • 10 years ago

    If you are behind on that student loan, how in the world do you think you will be able to keep up with a mortgage payment? Owning a house is not cheap. It is not just making the monthly payment. You have all the extra utilities that are often inclulded in rentals, not to mention property taxes. A home is an ongoing money pit that constantly needs maintenance and repairs.

    Not only do you both need to work on improving your credit scores and history, you need to learn more about budgeting -- go to the library and check out a book on budgeting. You also need to set up an emergency fund and start saving for a downpayment.

    You probabably need at least 2 years of consistent, on time payment history to improve your score and put yourself in a better financial position to afford a house.

    Source(s): BD
  • Anonymous
    10 years ago

    First off, you need a credit score of at least 660/740 which is a good score. That will take at least 18 months. By that time, all your debts should be paid in full. On a salary of $31,000 per year, the most you get approved for is $40,000. Plus you having closing cost which will be around another $7,000. You'd be better off renting at this time.

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

    With those scores it will be nearly impossible to get a Mortgage and even if you do your intrest rates might be very high,

    I would not try to buy a house, Rent and keep your costs down till you are able to pay off your debts and then save enough to put a minimum of 20% down on a house, This way you will not have to purchase Mortgage insurance and that will save you thousands of dollars a year

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  • CatDad
    Lv 7
    10 years ago

    No....not going to happen...and if you're currently struggling with one loan already, then the last thing the world you need is a new mortgage.

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