Do I qualify for a mortgage?
My husband and I are very interested in buying a home. We just got married a month ago, and are sick of renting.
However, we have an odd situation.
My credit score is 712, and he has no credit (paid cash for his car, never had a credit card)
I’ve only been with my new job for a few months, and got this job because it’s more of a ‘career job’ than my last job (my last job I quit in August, but was with them for two years.) My husband has been with his job going on 3 years
(So obviously credit-wise, I’d have the better chance, but job-wise he’d have the better chance)
Together, we only make over $ 40k a year.
Both of our cars are payed off, I have $ 1200 left on my card to pay off from our wedding, the minimum payments are $ 30
And we just have little bills like cell phones, cable, etc (though, I don’t think those matter on a loan.)
The prices of homes in the area we’re looking at (Minneapolis, MN) are very reasonable. We’re looking at homes under $ 100k, but have our eyes on a home for $ 60k.
We would have 10% down.
I have already been denied at QuickenLoans because I haven’t had my job very long, and because of my husband’s credit score.
Is it even worth applying at other places? Are there any loan agencies that would approve with our situation?