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High income and bad credit scores

Tue Mar 4, 2008 01:03PM | By Tony

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Q: My husband and I make about $58,000 each. My credit scores are in mid 700, while his are in low 500 range. Can we use his income when applying for a mortgage without using his credit scores?

A: No, you can not. If you put him on mortgage application, his credit scores will be used. I suggest you to go ahead and try to get approved with him. It may require some additional work on the part of a lender underwriter, but it may work. If it doesn't work, try to qualify without him. Ask your broker if he can do No Income Verification loan, but it likely requires significant down payment. If your property qualifies, you can go for FHA loan which is not credit score driven.

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