My Fiancee and I want to buy a house. He has excellent credit and a decent sized income. I have BAD =( credit and a fair income. Can he get a home loan that takes into account my income combined with his but not my bad credit?
2007-01-16 09:58:12 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
No, the moment you include your income and your name goes on the loan threr will be a credit check.
It may cost you a little bit, but I would get a copy of my credit report and work on getting some of the items cleaned up. I don't know what gave you bad credit but it you haven't declared bankruptcy then you can always repair your credit.
2007-01-16 10:16:21 · answer #1 · answered by Ooh, Ooh pick me 5 · 2⤊ 1⤋
no. if you're using your income, you have to use your credit. Qualify without you on the loan. If his income won't be enough on it's own, ask about doing a "no doc" or "no ratio" type loan.
2007-01-16 23:56:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Here is an article http://wiz.sc/loans198 with some information on loan options and the best plans.
2007-01-16 20:28:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes. Mortgage lenders will usually use the better of the two credit scores to determine the "primary" borrower.
2007-01-16 10:03:15 · answer #4 · answered by jseah114 6 · 0⤊ 2⤋
I think as long as one of you have decent credit, you really have a good chance.
2007-01-16 10:03:30 · answer #5 · answered by flower 6 · 0⤊ 1⤋
yes, you can only use you fiancee's credit for buying house, then put your name's on it later
2007-01-16 10:05:22 · answer #6 · answered by wu n 3 · 0⤊ 1⤋
no. not if you were the co-borrower.
2007-01-16 14:46:07 · answer #7 · answered by punkins_wife121705 2 · 0⤊ 0⤋