My wife and I are looking to purchase a home, while I can qualify on my own income/credit wise, my wife is a stay at home mom with no income but has a better score than I do (about 30-40 points)


As a Non Purchasing Spouse, can we still use her score to help qualify for a better rate? What kind of options are there for that situation?


Thanks in advance!

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IT WAS ALWAYS THE JAGS

My wife and I are looking to purchase a home, while I can qualify on my own income/credit wise, my wife is a stay at home mom with no income but has a better score than I do (about 30-40 points)


As a Non Purchasing Spouse, can we still use her score to help qualify for a better rate? What kind of options are there for that situation?


Thanks in advance!

 

I know over here, if she's on the deeds, it would count.. I would assume it would be the same over there..

 

...then again I could be wrong. I usually am. Ask my wife!

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80% of what I talk about is nonesense.. the other 25% is made up statistics...


 

You and your wife can purchase the house jointly, even though there is currently only your income...If you do it that way, they will run both of your credit scores.

 

edit...30 or 40 points difference isn't going to make a great impact on your interest rate.

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Have you seen my baseball?

My wife and I are looking to purchase a home, while I can qualify on my own income/credit wise, my wife is a stay at home mom with no income but has a better score than I do (about 30-40 points)


As a Non Purchasing Spouse, can we still use her score to help qualify for a better rate? What kind of options are there for that situation?


Thanks in advance!

You can add her as a borrower and still use her credit. Are you a first time homebuyer? If yes, make sure you take advantave of the first time homebuyer grants. You could save paying a ton of closing costs. 

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They'll use the lesser of two credit scores if it's FHA. So my wife who has no credit or income we left off the application. If she had good credit we could've added her but since I'm the only income if my credit didn't qualify we wouldn't have gotten the loan. If you qualify they're only going to look at your credit since your the income..

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