Posted on: 21st Jan, 2013 12:07 am
I have 1 collection which will get off my credit report soon and then I will be able to apply for a FHA home loan. My fiancé will be a co-signer but has a state tax lien on his credit report that he makes payments on. Will I still be able to use his income when applying for a mortgage? Or will this have to be paid off?
You will have to show continuous employment of at least 2 years so as to get approved for the loan. You need to however sit with the loan officer and assess your chance to get approved for the loan.
What is your credit score? If you want to take the FHA loan on your own, you should have a credit score of at least 620. In case you don't have that much score, you can take the help of a co-signer, who has a very good score. Here, your fiance' should have a very good score so as to co-sign for you.
Hi Guest,
As your fiancé is making payments on the tax lien, I don't think you will face any problems in using his income while applying for a mortgage. He will have to co-sign the mortgage for you.
Take care.
As your fiancé is making payments on the tax lien, I don't think you will face any problems in using his income while applying for a mortgage. He will have to co-sign the mortgage for you.
Take care.