Fiance has down payment but bad credit, I have great credit but small savings.

My fiance and I would like to buy a house this year.  We've been together almost 10 years and we're not planning to be married until summer 2013, but if advantageous financially we would be fine going to the courthouse this year to be married for 2012.  She has bad credit from past mistakes but she has the money saved for our down payment.  I have great credit and very minimal debt but my savings are a mere drop in the bucket.  Not sure how to proceed and what would make the most sense for applying for a loan and transferring funds etc.  Not even sure who to ask.  Any advice appreciated.
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April 13 2012 - Edmonds
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Answers (5)

She can "gift" it to you.
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April 13 2012
Profile picture for sunnyview
Yay for the 10 years together! A little scary buying a house with someone you're not legally hitched to though. A lot can happen so please at least have a written partnership agreement if you buy before you marry to protect yourselves. 
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April 13 2012
Yep,

Have her gift you the money or transfer the money into your account and let it season at least 60 days. If you need a gift letter she can gift out of her yearly or lifetime exclusion so no taxes need to be paid. (don't know how much $ you are talking here)

Depnds on loan type and percentage of down payment.

Buying now:
FHA-down payment can be gift
Conventional 20% down-Can all be gift
Conventional-less than 20% down 5% own money required

Buying later:
Transfer money into your account, season for 60 days (in other words, when I ask for the last two months of bank statments there should NOT be a large deposit on there from your GF)

You better follow through and marry her if she does this :)

Any further questions just click on my info and shoot me an e-mail or call.

Best of luck,

Doug
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April 13 2012
FHA loan - 96.5% loan to value - 3.5% downpayment is the way to go - Min 620 fico - Get a pre-approval from a lender and start shopping.
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April 13 2012
If you do not need her income to qualify for a home, you can add your name to her savings account, transfer the money to your account and let it "season" for 60 days, or she can gift you the money at closing.  For a conventional loan, 5% must be your own funds.  FHA allows 100% gift.
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April 13 2012
 
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Fiance has down payment but bad credit, I have great credit but small savings.
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