Posted on: 16th Aug, 2011 10:00 pm
My fiancé and I have substantial saved up for buying a home. My fiancé only has a car loan... but presently she is looking for a job. I have been pre approved for a FHA loan with bank of America but both of us want both of our names to be mentioned on the mortgage. Do we have to apply again jointly? Would her unemployment affect our chances to qualify for a loan? She is ready to split the down payment with me.
Do you both have a good credit rating? You two will definitely have a hard time looking for a lender to get your loans approved. It would be easier if you apply alone or better consult for a mortgage broker and ask if there is a lender that can offer a loan for both of you to qualify.
If you are qualified to purchase by yourself, it should be possible for you to apply jointly.
Go back to Bank of America and get a pre-approval for a joint mortgage. If they will not do it, come back here and tell us why. Someone will do it.
Go back to Bank of America and get a pre-approval for a joint mortgage. If they will not do it, come back here and tell us why. Someone will do it.
A good thing to note, is if you qualify for a mortgage on your own, and if something in the future were to happen, your fiance's credit would not be affected by a foreclosure or late payments, just an FYI
