First Time Home Buyer Advice

by Renee from Minnesota

Ask Kate for first time home buyer advice regarding income and credit: Dear Kate, I've been searching and searching the internet for an answer to my question, I was directed to your site. I am currently working 40 hours a week as is my husband, we both have terrible credit (below 600) but are working to fix that.

Renee continues... The problem is my husband's job is being outsourced this coming February. So what I'm wondering is if once he starts on unemployment can we use that as income for myself? In other words that he's paying me?

Thank you for your time.

Kate Answers: First Time Home Buyer Advice - Income and Credit

***zz-portrait-left.shtml*** Dear Renee, You are certainly on the right track to begin with repairing your credit.

(More on credit in a second!)

The scenario, including your husband's unemployment in your income, won't fly with FHA home loans or conventional mortgage financing.

(More on income in just a moment!)

First Time Home Buyer Advice - Credit

Simply put, home buyer and credit go hand in hand. Over the last decade, mortgage lending trends have caused credit ratings to appear less important. But the truth is, credit history is and always will be the ultimate make-it-or-break-it when it comes to borrowing money.

Be sure to tap into my 10 steps for fixing bad credit and then for busy people on the run, my helpful Quick Facts break down the mystery of the major credit reporting agencies.

First Time Home Buyer Advice - Income

There's a better known idiom involving cats but since I like the furry creatures, I'll go with,
"There more ways than one of digging for money."
In other words, FHA, Fannie Mae and Freddie Mac aren't the only game in town. Check with your real estate agent about owner/seller carry backs.

Sidebar: Here's why I say choosing a Realtor, one you trust, puts magic into your home buying experience.

You can also ask your Realtor about local private financing. When Denise wrote me about a mortgage for 38 acres, I explained how she might be helped by private money lenders.

Both seller and private financing ebb and wane in availability. But I'd encourage you to ask because you never know what might be available in your area.

First Time Home Buyer Advice - The Bottom Line

Bottom line is that you may be waiting for your husband to be re-employed to buy a house. If so, continue to improve your credit score because THAT'S how you'll get your best mortgage rate!

Renee, one more thing. I'd like to hear back from you. Let me know at Ask Kate if this page was helpful to you.

Best wishes,


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You can also ask Kate about your mortgage at How to Improve Your Credit Rating with Amazing Success.

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