Can we use my fiancée credit and my income for a mortgage loan once we get married?

Deal Score0

I will be getting married in August and me and my fiancée are wanting to buy a house. We have looked into getting financed already and I have the income but I have a terrible credit score of 557/590/511. Her income is not as good but her credit scores are in the mid to upper 600s and one is in the 700s. Once we get married can we apply together using her credit score but my income?

  1. Reply
    May 3, 2011 at 9:10 am


  2. Reply
    May 3, 2011 at 9:46 am

    Fix up your credit reports.
    Major lenders like FHA do not look at the scores.
    They will view the reports in detail and make their own decisions.
    They will see the items in your report as paid – and act accordingly.
    That’s why you see people with scores of 600 getting FHA loans.
    They cleaned up their credit report.s

  3. Reply
    May 3, 2011 at 10:20 am

    Yes, you can apply together anytime, but they’ll look at the income and credit of all the borrowers. You can’t break it up and say my income/her credit.

    In the meantime, you may be able to improve your credit by paying in a timely manner, paying down credit card balances (don’t close them) and not buying anything else on credit to increase your balances and debt ratio. If you’re using more than 35% of your available credit (and really, we like it to be 25% or less), your score will be affected by that.

    Here’s an interesting article that was on Yahoo today:

  4. Reply
    My Take on It
    May 3, 2011 at 11:19 am

    You would have to use both your scores and income
    That means if you even are lucky enough to get approved for a mortgage, you will have to come up with a larger down payment, pay more in closing costs to buy down your loan interest rate, or pay a much higher interest rate.

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