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Profile picture for ooyedele

Should I Apply for a FHA Loan by myself or with a co-borrower (possibly fiance)

Which way should I go for a FHA loan? I'd like to buy soon, while there are still enough options on the market.

Okay, the situation is I have excellent credit (726), good income and excellent debt to income ratio, but my girlfriend has poor credit, okay income, owes IRS taxes from a messy divorce and not to mention a bankruptcy that was discharged in 2003 I believe.

In order to qualify for the federal tax credit, I would need to buy a house with my girlfriend as my fiance. If I apply for a loan by myself, I would not qualify for the full federal tax credit, due to my income (80K). Which is the best approach I should do for a FHA loan?

Thanks!
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March 18 2009 - Sacramento
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Replies (3)

If your fiances credit scores meet bank guidelines and she has a payment plan set up with IRS, she could be on the loan. FHA's minimum credit score requirements are usually between 580-620. Her income won't be an issue since together you make enough.

Kelly
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March 19 2009
Sorry, but I disagree with Kelly. FHA, if you are married requires you add the signifcant others debts to your loan. So basically, if she has crappy credit and debt, then I would say NO. Do it yourself. Also, min. credit score for FHA loans right now is 620.

Where I can't be of expertise is if you are technically not married and just engaged. Shoot me an email if still interested and Ill send it over to an AE at one of my lenders to find out exactly.

Good Luck!
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March 19 2009
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Remember that the tax credit is for your 2009 taxes, so if you're married by the end of the year, you'll be eligible for the full $8,000, and not a pro-rated amount due to your income.

I would say buy in your name now, and get married during the year.
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March 20 2009
 
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