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Co-buyer on the home loan

Posted on: 20th Feb, 2012 10:39 pm
I will be getting married in April, 2012. My fiancée has recently filed bankruptcy and it has been discharged around two months ago. My credit score is more than 620 and is rising. I have three credit cards, gas cards, and department store cards with 0 balances. I have got an auto loan recently with a payment of 320 per month. My credit is fair and I can get a home loan alone but I have an income of about 38k per year. My question is can I use my fiancée as a co-buyer on the home loan and use her income even though she has a bk? How high of a home loan can I get with my credit and income? Can I even get a home loan with my income and credit history?
Hi Paul!

Welcome to forums!

It is better to not include your fiancée as the co-borrower of the loan as she has a recent bankruptcy discharge mentioned in her credit report. Moreover, lenders may not agree to consider her as one of the co-borrowers of the loan. It will be better if you could apply for a mortgage on your own and check out if you can get one.

Feel free to ask if you've further queries.

Sussane
Posted on: 20th Feb, 2012 11:21 pm
Hi Paul,

Chances are less that your lender will allow your fiancée to co-sign for the loan. Nevertheless, you should contact your lender and check out if he can let your fiancée who has a bankruptcy discharge mentioned in her credit report to co-sign for your loan.
Posted on: 21st Feb, 2012 08:57 pm
Your fiance may not be on the mortgage Note and may not be a co-borrower or a co-signer with a two month satisfied BK
Her income may not be used.

By yourself, it appears you could get an FHA mortgage with a 620 credit score of about $130,000. If you make the minimum 3.5% down payment, that is a purchase price around $134,715

Besides the $4,715 in down payment, you will need closing costs and that amount depends on what state you are buying in. I can not quote the costs, however, whatever they are, they can be paid for by you or by the seller or by the Realtor or by raising the rate to cover some costs or a combination of some or all of those.
Posted on: 29th Feb, 2012 01:45 pm
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