I have a middle score of 700 and shopping for a home loan in the price range of $300,000. My income is 66,000. My husband has income of 45,000, but his middle score is below 600. What are our options at this time?

My recommendation is that you try qualify for the loan using just your income. That may be possible depending on the amount of your downpayment and other debts. Otherwise, you might find a lender who can put you both on a FHA loan but with his score the rate will be a lot higher and it will be more difficult to qualify. Good luck! I have a co-worker in NYC area who would be happy to work with you. pdumouchel@primelending.com

Hi Adrienne, you might be able to qualify with your income alone. It will depend on other factors like the property taxes, insurance, HOA and personal debts that show up on your credit report. Since there are other factors to consider you should contact a local loan officer and have them do a pre-approval for you. You may still be able to get a home loan with your husbands credit score, but the terms may be much worse. Again, talk with a local loan officer and go through the pre-approval process with a loan application and credit report to see what your options are. Best wishes, Sean

PS> That would mean only you would be obligated on the mortgage but it should be possible to put him on title to the property. Otherwise, work on getting his income to at least 620 and preferably over 640 - the lower his score the higher the interest rate will be on the mortgage. I have a blog on this site "First Steps" which includes some recommendations on how to improve a credit score.

suggest you get a pre-approval from a local broker. i work out of an office in yorktown heights. our credit agency has a credit rescore program which should be able to raise his score. if any credit card balances that are over 50% be brought under would move the score up. paying off any collection accounts would also increase the score. any questions you can respond to my e-mail address. thank you, gary schneider

my bank lends on fico score of 580+...so feel free to call me if neededmy pleasure to help you get the dream home...my contact is 516.728.5212Charles BerokhimSenior Loan OfficerMLD bank ..direct lenderNY STATE NMLS #1019/48446 Direct: 516.728.5212Fax: 888.578.9674v/f 1.206.666.4430

Although there are lenders out there that will lend to borrowers with 550-600 credit scores, most who apply don't actually get approved.. the lower the score, the more strict the guidelines.. you either purchase the home on your income only (assuming you meet all other eligibility guidelines) or your husband will have to work on getting his score up.. ideally, 640 will give you endless options.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

without reviewing your husbands credit report, it is hard to advise, I think you will need your husbands income or a hefty down payment to qualify for a 300K purchase.I suggest getting your husbands scores up, it could be simple if has not had recent lates, foreclosure, judgments or collectionsfell free to email me directly emarez@thefederalsavingsbank.com

Hi Adrienne,The easy answer to your question would be to try and qualify on your own. If your debt to income ratios are too high, then we can explore a few options:1) Use your husband with his current credit scores- this scenario will have tighter lending restrictions2) Raise your husbands credit, then proceed to list him as a borrower on the loan3) You could explore getting a co-signor to cosign with youWe would love to assist you in the purchase of your new home. We are a Full Service Mortgage Broker in NY. Give us a call and we'll be glad to help:Nick Schiano NMLS 65998All Island Mortgage NMLS 3740496 Route 347Smithtown NY 11787631-979-3300We look forward to hearing from you.