Can a housewife married have used their credit score instead of her husband applying for a mortgage?

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My husband and I are buying our first house concerned. The problem is, its credit rating is only 602nd Mine is 700, but I do not have a job when I’m going to stay home with my children. Does the lender, even my credit score look at when deciding whether or not they lend us money, or they only see my husband as he is with the work?

3 Comments
  1. Reply
    rebeli812
    May 2, 2011 at 3:11 am

    i think you need 1-2 yrs steady employment with the same employer

  2. Reply
    CSUflyer
    May 2, 2011 at 3:36 am

    First of all, ignore the other couple of scam responses. It depends on the lenders policy. For certain credit products (like mortgages) a lender will allow the “primary” applicant be the one with the better credit score but still allowing you to qualify the family income. I would advise that you ask for or research a few lender’s policies, but at times this can be difficult because many of them will still qualify you but at a less than ideal interest rate while downplaying the effect your husband’s credit score had on the decision. While probably not your favorite thing to hear, maybe you should evaluate why your husbands score is so low and see if it’s easily repaired or, more importantly, its a sign of potential distress for him and your family by taking out this loan. While far from perfect, keep in mind that credit scoring is used by lenders as an indicator of potential default and although we often don’t want to admit it to ourselves, it may be that waiting to take out this mortgage is the best thing to do until his credit score is repaired. Good luck!

  3. Reply
    ibu guru
    May 2, 2011 at 4:15 am

    You have no job. You could only get away with using only your score if you purchased the home solely in your name based on your income. With zero income, and a husband with poor credit, you two are not buying a house now.

    Do you have at least 20% down, plus closing costs, plus 3-6 months of reserves? If not, then even you both had credit scores of 700, you likely could not get a mortgage. Mortgages are very hard to get these days.

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