I am just wondering if me and my wife can still get a good rate on SFH owner occupied with my 730 FICO score but wife score is 450. She makes more money that me but fails to pay bills on time. She has 2 collections from credit card companies on her record and generally dont pay bills on time (no foreclosure/bankruptcy). All my efforts to help her has failed, it all ends with"don’t control me". We live in TX.
Just my .02…but it sounds like your problems run a whole lot deeper than credit scores…
Unfortunately, if you have to use your wife’s income then you are not going to be eligible for much of anything.
With your score you may be able to use a stated income or no income/ratio type of product. However, I am assuming that this is reference to investment property, the LTV (Loan To Value) amounts are going to be very low and rates will be fairly high if you have to go that route.
Just put the loan in your name, leave her off. There’s several options available to you with that fico score.
You could use a no ratio loan so you do not have to fudge your income or “state” your income as higher than it really is. Your rate will be significantly lower than it would be on a no doc loan.
I’m with Chris, it’s “safer” to go NO RATIO as opposed to “STATED” (where you will most likely need to misrepresent your income in order to qualify).
There is one loan program not mentioned that would entertain your wife’s FICO and disregard the open collections (assuming it is not federally related) and that is FHA…
I’d need to see/hear/learn more about the specifics of your wife’s payment inconsistencies to be sure, but it might be worthy of further exploration.