Profile picture for jallen0130

do you have to have the credit and the income or can it be one person with credit and one with incom

My credit is good but I'm a stay at home mom so I don't have an income, but my fiance makes a really good living, but his credit is bad. Would we be able to get a mortgage together?
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October 24 2013 - US
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Answers (4)

If you both apply for the mortgage loan then the mortgage lender will evaluate all of your financial information together.  My mortgage lenders will use the lower middle credit score of both borrowers, so the lower credit score of two borrowers would be used at the qualifying one.  Speak to a licensed mortgage person in your area to get prequalified for a mortgage loan.  Good luck! 

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October 27 2013
Yes, it is possible to get a mortgage together but all of your finances will be looked at. This means you can not pick and match which information you want the lender to look at. They will look at all aspects of your finances including your income and your fiancé's credit. Although, this might be the best option you have in order to get a mortgage. What is his exact credit score? I have been able to give out loans with scores as low as 580. So if your fiancé is in that range or above, you will have a better chance. Otherwise, I recommend that he work on his credit score a bit. The simplest way to fix your credit score is to pay off your debt and revolving credit balance on time. I recommend that you speak with a lender to discuss your options and best routes. Lenders like myself would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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October 25 2013
Most banks will require the use of the lower credit score for qualifying and rate determination. However they will consider both or the only income against both applicants credit liabilities. The rule of thumb is to have all credit liabilities and the new mortgage payment under 50% of the total gross income. Hope this helps.
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October 24 2013
Profile picture for wetdawgs
One person has to both have the good credit and the income.  No mix and match is allowed. 

It sounds like you are good at your credit habits, so help your fiance learn good financial habits to improve his scores and then the two of you will be able to achieve your dream of home ownership.
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October 24 2013
 
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