Can I get a mortgage loan w/1 year work experience?

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My fiance and I just signed a sales contract for a house. His credit score is bad; so, I will be the only one on the mortgage. I am trying to get a mortgage loan for $ 137,180 (House sold price was 144,440 and I put 5% down). The problem is I just graduated last May (2008). I was working part time as a design intern making $ 10/hour while still in school. After I graduated I got a full time job as a designer and started making $ 30,000; however, I got a raise in February 2009 to $ 40,000. My credit score is: FICO 762, Beacon 750, Empirica 756. What are my chances of getting a loan for the amount needed? Also, my desired mortgage interest rate is 5%. What are my chances?

Also, I am the co-signer to my fiance’s car ($ 19,000) and one of his credit card (which has a balance of $ 2000, credit limit $ 8,000). He is making all the payments and has proofs of them. Will it show up on my files. Will that effect anything if I am the only one of the mortgage loan?
I was the only one on the sales contract. He’s not on the sales contract.

  1. Reply
    April 29, 2011 at 9:04 pm

    yes all the debts will show up the broker will only give you the mortgage if they feel you alone can make the repayments as you are the only one on the mortgage unless you get a self ccertified mortgage i suggest you meet with a few brokers and discuss it good luck and i hope you and your fiance get that house and are very happy :O)

  2. Reply
    April 29, 2011 at 9:37 pm

    so far so good but they might look at how much debt u already have like u said that car loan is 19,000 they may tell u to try n pay it down some and your credit card keep it 30% or below cause they looks at that also i kno because i’ve been tryin to get one for a ccouple of months but hey who can say shop around somebody will accept u you got a good score

  3. Reply
    April 29, 2011 at 10:12 pm

    I am worried that he is taking advantage of you. If his credit is that bad, maybe he’s not ready for marriage. Please be careful and don’t screw up your credit for the rest of your life.

  4. Reply
    Eddy T
    April 29, 2011 at 10:26 pm

    Since the sales contract for a house is in your joint names it is better to take the mortgage in both names. With your joint incomes there is a better chance for the mortgage to be approved. With regards with your partners credit score, if he is update with his payments, his credit score should not be a problem.

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