How can me and my husband get approved for a home loan?

I have a credit score of 741 and my husband own last time we checked was in the high 6 hundreds the thing is he’s employed and I’m not. Will the bank approve anyone of us for a home loan if only one spouse is employed and the other one credit score isn’t as high I think maybe his could be in the 670 or something not sure.

By | 2013-08-27T09:22:12+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|2 Comments

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  1. August 27, 2013 at 10:25 AM - Reply

    In order to get approved for a home loan the bank will look at your credit score, your income and debt payments (debt to income ratio) and your loan to value ratio.

    A lender will offer rates (or approval) based on the lower of the credit scores. A credit score of 670 is high enough to get approved by most lenders.

    Since you are not employed, the lender will require your husband to be a borrower, in order to qualify based on the debt to income ratio. A good rule of thumb is a total debt to income ratio (that includes monthly payments of mortgage principal and interest, property tax, homeowners insurance, and other debt payments such as auto loan, student loan, credit cards, and court mandated payments) of 36%; however, some lenders and programs allow for a debt to income level of 43%.

    Another part of getting approved for a loan, or the type of loan you can qualify for, is the amount of down payment or equity. A conventional loan requires mortgage insurance if your down payment is less than 20%. All FHA loans require mortgage insurance.

    I recommend that you read more about qualifying for a mortgage, . Then shop around for a loan and get pre-approved.

  2. Nonnie22 August 27, 2013 at 9:58 AM - Reply

    It’s all about your income and debt load. If you’ve got two car payments and lots of credit card debt to the point that it takes up most of your income it will be hard to get a loan unless you’ve got lots of money to put down on the house. Your house payments should be no more than ΒΌ of your monthly income. And of course, that income can’t already be spent with your other bills.

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