First time home buyer with low credit score
Q: I am a first time buyer and my credit is low, around 640. I am about to to get married and my would be husband credit is excellent. His middle score is 750. We are looking for a single family home around $120,000 and he can qualify alone, at least this is what we think. But I want to be the owner too, so it would be truly our house. We have been together for 4 years, still I want to have all the official rights, who knows what could happen. Advise?
A: First time home buyer, low credit score ... what about down payment? If he can qualify alone, it is fine. You do not have to be on the mortgage to have rights as you put it. Only on the title which can be easily taken care of. But being on the mortgage can help you improve the credit score. The difference between 640 and 750 credit scores in today market can result in up to 1.5% difference in interest rate. More likely, in 1%. But on a $100,000 loan, that would mean only a $96 higher payment, in the worst case.
Mon May 10, 2010 11:05PM | Copyright: www.bad-credit-advisor.com | More in Mortgage | Comments (0)
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