his credit score is fair... mine is poor...loans?
my fiance has a fair credit score and mine is unmentionable. when applying for our first home loan, would it be better for him to apply by himself or file together with a joint income?
my fiance has a fair credit score and mine is unmentionable. when applying for our first home loan, would it be better for him to apply by himself or file together with a joint income?
Go with the flow
Favorite Answer
When buying a home, they will look at both your reports.
They will ask if you are married, if so, they will request both of your reports whether he buys it on his own or with you.
He can buy the home before marriage.
But... do you really want him to own the home without your name on it.
You will probably be helping pay that mortgage - maybe for decades.
If you divorce, the home will be in his name only and you won't get one single dime of it.
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bdancer222
If your credit is poor, you won't qualify. If his is only fair, he might not qualify. You need at least a 620 FICO score for FHA loans and that probably won't be enough to get the loan.
In any case, do not jointly purchase a house until you are legally married. There are courts to divide marital assets but nothing to help divide property of unmarrieds.
dairy queen
it might be better for him to file it alone...but that's kinda weird if you two are buying a house together. of course, your bad score could make matters worse. depends on if you don't mind the house being in his name. i think a lot of places will work with you to try both to see which fares better for you tho.
knowitall
If yours is terrible they probably will not take yours. You may need to get a lower priced house.