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by missychrissy on January 9th, 2008

missychrissy

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My husband's credit score is only 602 and he has a couple of negative things on his credit report. My score is 720, nothing bad on my report, but I am now a stay at home mom. Can we get a home loan?

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  • by PerfectlyPink on January 9th, 2008

    PerfectlyPink

    It depends....

    Credit Bureau wise you are doing great! The cut off is usually 580.

    Now you get into the other factors involved with Mortgages and loans... Total debt service ratio and gross debt service ratio which if add up all your monthly bills and obligations and devide it by the amount of monthly income you have coming in and then times by 100 you will get a percent... that percent should never go over 32% for total debt service ratio and 40% for gross debt service ratio (which includes all of your assets and liabilities)... Which basically shows wheather you are bringing in enough money each month to service this new debt.

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