Posted on: 12th Feb, 2013 12:55 am
My fiancé and I are trying to buy 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?
Hi KellyU,
This is a common problem with most of the couples. With a bad credit, it won't be possible for your fiance to qualify for any kind of loan. However, if she becomes the co-signer, then there are chances of both of you getting a loan. You should contact the local lenders and apply for a loan. This will help you know where you stand in the mortgage market!
Thanks,
Jerry
This is a common problem with most of the couples. With a bad credit, it won't be possible for your fiance to qualify for any kind of loan. However, if she becomes the co-signer, then there are chances of both of you getting a loan. You should contact the local lenders and apply for a loan. This will help you know where you stand in the mortgage market!
Thanks,
Jerry
How bad is the credit? We go down to a 620 middle score? We could also look at running her through a credit simulator to determine how to boost the scores.
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There are a number of loans available even for those with bad credit, these loans with bad credit are available with many agencies. You can get in touch with one of them.
The challenge is that loans for persons with not so good credit comes with high interest.
I would suggest working for a long term solution by working on improving your partners credit scores.There is no short cut about it.
All the best.
I would suggest working for a long term solution by working on improving your partners credit scores.There is no short cut about it.
All the best.