Home loan advice for husband with great credit and a wife with bad credit?

My husband and I just did our taxes for the first time as a married couple and found out we owe $4400 dollars.. so my husband wants to take advantage of the first time buyer incentive.


Our problem is..my husband's credit is great. He is at about 730 with only 3,000 in credit card debt. I myself have bad credit at 500. I am going to try to clear off some of my issues...but I wanted some advice about a home loan.


He makes about 90,000 a year and with his good credit, I think he would be able to obtain a ok loan by himself. I was wondering if I should include myself with the loan. I make about 30,000 but with my credit, I am thinking that it would be better if he applied alone.


Any advice is greatly appreciated.Home loan advice for husband with great credit and a wife with bad credit?
He should apply alone if he can qualify for a home loan in the price range of about 240 - 270k. Do you have 3.5% for a down payment? The days of 100% financing are history. Make sure if he does buy a house, that your name is on the deed.Home loan advice for husband with great credit and a wife with bad credit?
being that you only make 90k, if you really wanted to buy in the next year or two, it would probably be better if he applied alone (provided that he didn't have a lot of other debts...like car payments). in the meantime, you should work on starting to clean up your credit today...because those negs are going to take 7.5 years to drop off. as someone else said, you will need to have at least 3.5 percent saved for the FHA downpayment as well as money for closing costs and inspections.
Keep it separate, or his credit rating will go to ****.