Posted on: 27th Dec, 2012 01:29 am
My fiancé and I are trying to finance our first house. I have excellent credit but not enough income while she has bad credit with plenty of income. Is there any way to work with this so that we can get financed? Her credit is poor due to collections and student loans. What can we do?? Is having her file bankruptcy a viable option?
Hi Guest,
Your fiancée can co-sign for the loan. This might help you get qualified for a mortgage. Your fiancée may take steps to improve her score. This might make things easier for both of you.
Thanks,
Jerry
Your fiancée can co-sign for the loan. This might help you get qualified for a mortgage. Your fiancée may take steps to improve her score. This might make things easier for both of you.
Thanks,
Jerry
it depends on the credit of the fiancee. if its really bad, then you may be able to get a hard money loan with 30-35% down. fix his credit and then refinance into a lower cost conventional loan. if he has a 620+ then you also may be able to apply jointly for a fha, or conventional loan. talk with a local loan agent and see what options are available. good luck
It's difficult to obtain the loan singly both for you and your fiancee. Both of you can apply for a loan jointly. Something may come out.
filing bankruptcy would never be a viable option for her. it would be better for both of you to improve your financial situation first, whether it is related to credit or employment. then you can think of taking out a home loan.