Posted on: 19th Jan, 2012 01:12 am
My fiancée and I are planning to buy a new home. Both of us will be first time buyers. But her FICO is not that great with the lowest of the three at 580. She's currently in the process of rebuilding her credit. I have a good credit score with the lowest score of 740. However, I don't think I can qualify for a loan with my income alone. She makes more money than me. What are our options? Should we apply for a loan together? Apply for a loan by myself? Wait another year for her credit score to improve and try then?
The only thing that concerns me about you qualfying alone is can you qualify? One of the things that concern the lender is how you pay your debts, but one other thing is how many debts you have on your credit report and the amount of money youhave in which to pay the debts off. They also want to know the amount of money you have left after your monthly debts as well as monthly mortgage payment.
:idea:
:idea:
It will be difficult for your fiancée to qualify for a loan with a credit score of 580. But it's really good to note that she is taking step to rebuild her credit. However, as she has a good income, you can let her co-sign for the loan. I guess that won't be a problem for the lender. You should contact the local lenders are start applying for the loans with your fiancée as the co-signer.
Does fiance have any revolving debt that can be paid down/off?
I have seen people with maxed out credit cards get a 60+ fico point boost by paying down revolving accounts.
I have seen people with maxed out credit cards get a 60+ fico point boost by paying down revolving accounts.
