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I have bad credit and my fiance has good credit, should we buy a house now or after we get married?

  • March 23 2011 - Staten Island
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Answers (6)

As long as you are not married only the credit and income of your future wife will be considered.

As stated by others - can she qualify with her income and current debt load?

Different mortgage products use different debt ratios for qualification.  It would be best for your fiance to meet with a mortgage provider.  Let the mortgage provider pre-qualify her and tell her the amount she could borrow.

If her debt ratio is too high she may have to pay down credit cards or loans to qualify.
  • March 23 2011
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Well said Pasha.  One qualifies, both own.
  • March 23 2011
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This is true. Call a direst lender as loans and funding are complicated.  A lender will give you information about how to begin creating good credit and repairing your credit report.  If you are not in a hurry to purchase it may be wise to wait until your credit is improved so that you get more bang for your buck!  Either way- talk to a lender to help you with your own personal credit- Your fiance will appreciate it!
  • March 23 2011
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Simple answer: Buy before you get married. Here in California it's a community property state so that's a no-brainer! I don't think NY is though. But that's irrelevant, if you are going to finance your home with either FHA, VA or USDA loan, your debt gets added into the equation. Some lenders will actually hold the other spouse accountable for collections, charge off and liens. Believe me I hear horror stories all the time. If she apples for any government program, it simple. You have a auto loan, so does she. Get the picture?

Good Luck!
  • March 23 2011
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I agree with Eric.  the only thing to remember is that the loan can be in your fiance's name, but the title in both names.
  • March 23 2011
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The first question is does the fiance with good credit have the income to support a mortgage?  If so that the good credit and income should buy the property in his /her name.  The the bad credit partner is contribution is the down payment, that money needs to be put in a joint account.  In this case you need to season the account for three months.  The marriage portion is irrelevant; in that the bad credit future spouse can be added to title after closing.  But I would advise the good credit partner to take control of the finances so help the partner improve their credit so they can be equal partners.

Best of luck,

Eric
  • March 23 2011
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