What type of interest can we get on a mortgage with mixed credit scores?

My husband has a ';high risk'; credit score and mine is ';above average';. We are looking to buy a house in a year, or so. What kind of interest can we get for a mortgage?


Also, he had plenty of things in collections from 2001-2005, is there a way to raise his score now or will it not matter?What type of interest can we get on a mortgage with mixed credit scores?
Hello,





I am not sure how much I can really help with the info you gave us.





I would need to know does he still have collections? What makes him High risk?





Next, 630 and below is considered sub-prime for most lenders If you can get up in the 700s you can get i great rate.





Tip # 1 with the info I have is Authorized user (link Provided)


I have seen scores jump as much as 100 points in a month.





Tip#2 PRBC (Link Provided)





Tip#3 Alternative trade lines (link Provided)





Tip 4 Get copy of credit report let me know whats on it and how old and I will help for free.





Good luck!What type of interest can we get on a mortgage with mixed credit scores?
Hello Mrs. Beetlebum, how are you. Since you already know where you stand credit wise the best thing I can tell you too do is open new trade lines of credit. When a lender reveiws your credit, they are not just taking the score into account but the strength of the trade line. In other words 1 year of solid credit card payments in better then none. Your score unfortuneately will matter soleley because Residential Mortgage like Personal Credit is fico based driven in other words, credit scores are taken into affect. You must understand, the subprime market is the biggest market for those who have issues concerning credit, however, it is also the market where anything is possible. When one has challenged credit, as we will call yours, rates can go as high as 15 to 18%, but occassionally you can find some lower, such as a starter rate of 6.9 to 7.5%, if you do your home work and you shop around. Some times this occurs when you have an arm, or so it did. However, based on what I have experienced on the lender in when I have reviewed a deal I have seen people get done as low as 400+ with 120 day rolling lates, 2 BKs, numerous charge offs, followed by many slow pays. So pretty much anything is possible. If you need more questions answered please let me know. I will be happy to assist you.





Max Jackson


Credit Analyst


Mr. Good Credit
Mortgage rates differ a lot and are based on your credit rating and the value of the home. Before approving your loan, your lender will scrutinize your credit history. There are two types of mortgages according to the type of rate: fixed or adjustable. Consult a mortgage broker or contact the lender directly asking for quotes. This lets you decide between both the varieties of mortgages.
Credit is just one factor that goes into your interest rate.





Without knowing your income, debt to income ratio based on the house cost, and down payment its impossible to know. People have become very obessed with credit scores over the last 5 or so years that they forgete that its still income and downpayment that really matters when it comes to getting a mortgage. Dont get me wrong credit score can still be big, but its ussualy secondary to income.





If all these factors are ok you will probably qualify for something decent based on your good credit.
The one that makes more money will be considered the primary borrower and the loan will mostly consider that score. Since you guys have a year you should definitely try to increase his score!!





There are too many other factors to even give a close estimate of the rate. We need to know the loan to value ratio(CALC: Loan amount / Purchase Price) and if you are prepared to show documents proving your income.





It sounds like he has paid almost everything on his credit. Did you keep those accounts open? The length or your history is important so try not to close older accounts. He now needs to prove he is responsible and can make monthly payments. Take out a credit card/small personal loan (maybe you can co-sign for him) Only use it for an amount that can be paid off every month..AND pay it off! Pay EVERYTHING on time for the next year. Dispute any items that are inaccurate on the credit report. Send me a quick message and I can send you a sample letter that I give to my clients. Credit repair can be done on your own but depending on the severity you may want to contact a credit repair company/attorney. ((not the same as debt consolidation...stay away from those!))