my question is can I buy a house with my girlfriend and get a good interest rating on it? but is not as easy as it may sound, the issue is that my credit score is very low at 560 and my girlfriend credit is at 700, but I also make about 20000 more than her so if you guys know if it can be done let me know. thank you.
2007-09-14 15:12:59 · 5 answers · asked by latinlion81 1 in Business & Finance ➔ Personal Finance
and I also want to be on the morgate papers as owner aswell as her
2007-09-14 15:22:17 · update #1
The only problem as I can see is its tougher for a couple living together to get a mortgage for obvious reasons. Your credit score is a hard thing overcome. You will have higher interest rates, your insurance will be higher. This less than prime loans that you've been hearing about, that's what you will probably get Do you know that an average credit score is 665. The rate you'll probably get is 8 plus percent. There has been a tightening in the credit markets and there is less money to make loans. Have you thought of renting with the option to buy? you could probably get a good deal now that houses aren't selling right now. I would contact banks and credit unions for general advice on what you can expect in your area for loans. It is a buyers market now most places but you need good credit to grab a good deal.. ,Good Luck.
2007-09-14 16:33:52 · answer #1 · answered by redd headd 7 · 0⤊ 0⤋
latinolion,
u want candid real world answer.?
Do Not buy a house under any reasons with a 'girl' friend. unless u like being homeless and broke.
1st ur c.score is low cause u haven't figure how to handle money.
2nd her c.score is high cause she love to be a slave to debt.
bad combination in todays housing market.
both of u need to read and understand 'house buying for dummies'
and visit daveramsey.com to learn what u haven't the easy way.
else some associates will visit.
2007-09-14 22:31:40 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Living with your girlfriend will only compound problems, especially if you pursue purchasing a house together. Start with the right commitments. Are you ready to be married? Show her respect and integrity by pursuing marriage first, saving appropriately and learning the proper way to handle money, get out of debt, and then consider that first home.
2007-09-15 02:06:45 · answer #3 · answered by Glory 3 · 1⤊ 0⤋
Dont do it. Dont lie on the mortgage app. You may get caught. The procesers job is to check on the info in the app. The bank may check. It is call fraud. You wont go to jail but the loan officer might. Dont buy house with GF, unless you are married and then she would be wife and not GF. Her name on title/loan she can kick you out with you having no legal recourse.
2007-09-15 10:01:04 · answer #4 · answered by Bob D 6 · 0⤊ 0⤋
have her apply, but claim her income is high.
at that raiting, they may not check her income and she soulc basically lie to approve for the house you want,
why is yoru score so low?
2007-09-14 22:18:40 · answer #5 · answered by magnet4trouble 4 · 0⤊ 0⤋