Can we get a mortgage based on his credit score and our income?

my husband%26#039;s credit score is 664 - pretty average. i dont know for sure what mine is, but ive only had one bill in my name for a yr. its up to date, but there have been missed payments. what are our chances of getting a mortgage? we are looking at a house that costs 137,000. its a 3 bdrm with an in-law suite downstairs. my mother in law will be living there and pitching in on the mortgage, like a monthly rent. do we have a decent chance of getting a mortgage? what about a mortgage with a low downpayment (0-3%)? we%26#039;re going to see a broker this week who is apparently one of only two in canada that offer a special first time home buyers 0% down program. my husbands cousin bought a $180000 house through him with 0%, but im unaware of her credit position obviously, but shes about 35 and this is her first home, so i dont know if its perfect. with our credit and incomes together plus the guaranteed tenancy from my mother in law, do we even have a shot? we%26#039;re young by the way - hes 21,im 19

Can we get a mortgage based on his credit score and our income?

As you may or may not know it is very difficult to buy a house now for people with low credit scores (less than 700.) Especially with a low down payment.. The stock markets are falling and companies are failing because they lent money to people who were not creditworthy at ridiculous rates they could not afford. So to be blunt you don%26#039;t have a lot of opportunity now as it stands, but that%26#039;s not to say there isn%26#039;t hope. First let me say that for you it may be cheaper and more financially sound for you to rent until you either get a better credit score or the housing economy improves again (which can take years). Fixing your credit score though won%26#039;t take as long so focus on that for now.

It doesn%26#039;t take long for short term changes like account balances, payments, and available credit to show up on your credit report and effect your score -- likely these are the things to have impact over the short term, and you have a better change of fixing your score if you try to address one of those issues, which you can do easily in a matter of weeks.

So along those lines, these are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year:

1. Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.)

2. Never Miss a Payment, Starting Today

3. Never use more than 20% of your Available Credit

4. Keep Credit Cards that Have No Annual Fees Open For as Long as Possible

5. Extend Your Credit Limit on Cards You Already Have before You Get New Ones

6. Get Credit Cards that Have CashBack Rewards to Contribute to your Balance

7. Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-

8. If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan

9. Take out a Small Personal Loan and Repay it Over a Year

10. Ask Someone With Good Credit if They will Account Shadow you

When you%26#039;re trying to build a solid credit score it%26#039;s important to get a comprehensive view of what is actually effecting it...

Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:

* 35% -%26gt; History of Payments

* 30% -%26gt; Debt to Credit Ratio (available credit)

* 15% -%26gt; Credit History (length of open accounts)

* 10% -%26gt; New Credit (are you expanding your credit)

* 10% -%26gt; Credit Types in Use (varied credit types from loans to credit cards)

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.

You can read more about these tips on my blog: How Can I Increase My Credit Score

http://millionster.com/articles/debt/inc...

In all honesty I don%26#039;t think any company willing to take on %26quot;subprime%26quot; borrowers are going to be a safe bet, and you are likely to be in a worse off situation desperately trying to go after a house especially given the market conditions and your financial situation!

Not a good idea.

Fix your financials so you can get the best loan -- banks are gonna be stingy and anyone else is probably going to be a scam artist.

Don%26#039;t be desperate! That%26#039;s the worst thing to do. Never make a decision out of desperation when you can rent an apartment and wait and make a smart decision....

Can we get a mortgage based on his credit score and our income?

For someone of your age how bad could your credit be ? Well, if either of you are not very responsible and money wise your going to blow your credit history fast and lose it all. Try buying something more lower in cost and build yourselves into what it takes to handle such a responsibility. Being a homeowner has alot responsibility ! Property taxes each year, repairs when needed, doing your own yard work and the list is 100 miles long. It all takes money to do these things and if your upkeep costs exceed your income your not going to make it. You also have utilities every month. Car payments ? homeowners insurance ? car insurance ? groceries.....you have to be to do it all ! Good luck.