iceman asked:
I have solid credit, a round a 700 credit score. However my Fiance has poor credit due to some problems in college and her lack of using credit in the past few years. Her income is very good, and without it I could ever carry the mortgage we are looking for on my own. My question is how much will her credit score effect the type of rate we get or the get of line we get?
Patrick
I have solid credit, a round a 700 credit score. However my Fiance has poor credit due to some problems in college and her lack of using credit in the past few years. Her income is very good, and without it I could ever carry the mortgage we are looking for on my own. My question is how much will her credit score effect the type of rate we get or the get of line we get?
Patrick
Harry
about 50/50!
Aaron
That depends on how low her score is and if she has any outstanding debts etc. Discuss your situation with a home lender. There may be some things she can do to help her credit score over the next 6 months or so.
Julia
We need to know your fiances credit score to make a solid determination (I am not asking you to publish it, that is personal information), but most mortgage companies only look at the primary wage earner’s score, yet allowing you to include income from another source (your spouse). So you should be good as long as you don’t make her the primary wage earner.
Best of luck
Joshua
when my husband and I went to buy a house we had the same problem. His credit sucked, but we needed to include his income. We ended up putting the loan in my name, but the deed to the house is in both of our names. There are ways to work it out, just talk to the bank.
Colleen
I would work with a mortgage broker rather than a real estate agent and line up the financing before I pick a house. A broker has access to thousands of lenders and can tell you the best way to apply for the loan. Her credit could effect the interest rate you qualify for.