2007-01-16 17:19:52 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You'd be better off to try it without your girlfriend.
2007-01-16 17:22:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Her credit score will stop her from getting a loan. If you apply together they will look at the person with the lowest score. If you are not married then you can apply alone. In that case your credit is all that will be checked. Her income can not be included so that could be an issue.
She needs to get her bills and credit in order before she can obtain financing. You could buy now and when the situation is improved then you can think about refinancing as a couple.
2007-01-17 01:13:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I am actually a mortgage underwriter. I get to make all the credit decisions for loans. Your score is not bad. Definitely keep your girlfriend off the loan. You can get a loan on your own if you are going full doc. Full doc means you are going to prove your income with paystubs and w2's. If you dont make enough to qualify for the debt ratio you may have to go Stated or No Ratio. These programs dont require you to prove any income. They will just need to call your job and make sure you have one. Your credit score for these programs will have to be 660. You are almost there. You might want to get a copy of your credit report and take care of anything that is bad... any collection accts, judgments, liens etc. You may also want to pay off any credit cards that have very small balance. If you have any past lates on your credit, you can dispute them. All of this will help to raise your credit score.
Bottom line is... you should be ok to by a house. You just want a higher score in order to get a better rate and program.
2007-01-16 17:31:10 · answer #3 · answered by GEE-GEE 5 · 1⤊ 0⤋
Do U need her on this loan, do U have enough income to qualify alone? If so U would be much better off buying this home only in your name, it will be much easier and U will get a good interest rate. If U can do it alone but U R worried about her if something should happen to U, just do a will leaving her the home. And make sure U both have life ins. policies in case something should happen. My husband and I were going to get the policy thru our mortgage company that pays off the house if either of us should die, but I found life insurance cheaper so if and when U buy check around. Also please get a fixed mortgage not a ARM. If u do need your girlfriends income is there anyway she could clear up some of this neg. credit on her report? If so thats where U both need to begin. GOOD LUCK U WILL GET YOUR HOME!
2007-01-16 17:32:18 · answer #4 · answered by bodacious baby 7 · 0⤊ 0⤋
Yes, but with very high interest rates...you'd be getting the poorest deals in town. Best bet is to pay of some bills first, don't do any credit applications for at least 6 months then apply....by then your credit would be near 700...but your girlfriends is no good.
2007-01-16 17:23:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Difficult to say not knowing your full circumstances. Look online at the lenders websites to see what is on offer and if you would qualify. If you don't then you should know what areas you will need to improve to be successful next time.
2007-01-16 17:23:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you leave her off of the loan, yes. Unless you get MARRIED, don't put her on Title!! ..or she gets all the benefits with none of the liability.
2007-01-16 23:38:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋
sure, for higher prices then are fair....in other words, RENT until the credit scores go up
2007-01-16 17:23:07 · answer #8 · answered by Marty B 4 · 0⤊ 0⤋