He has good credit, good paying job I have bad credit, low paying job can we get a mortgage loan together?

Deal Score0

We are engaged and would like to blend our families and lives. He owns a home and uses it as rental income. he has been preapproved for a second mortgage loan at 220k. He has good credit history, score of 750 and makes 70k. The house’s we like are about 280k. I have fair credit and only make 18k a year. I have a school loan I make payments on, My car will be paid off in 3 months and the bad debt is settled but still I have a low score of about 400. What can I do to help us get a house? Will anybody consider my income, and is my income enough to get the additional 60k loan we need for a home?

6 Comments
  1. Reply
    Steve D
    January 28, 2011 at 3:47 am

    While your income is probably just enough to qualify, your score hurts and will probably cause you to be turned down. You can’t use your income without factoring in your credit history.

  2. Reply
    golferwhoworks
    January 28, 2011 at 3:50 am

    no with your scores in the mix this loan will not ever go through. Now he may get the additional cash out of the rental and use it as a down payment if that works

  3. Reply
    Amy C
    January 28, 2011 at 4:19 am

    nope….your credit score is too low, you cant even be a cosigner on the loan. my bf has a credit score of 550 and we both did a preapproval….I can get financed for so much b/c i have a 700 credit score but they wont even look at him for at least another year with on time payments….I don’t think he can claim your income as additional income when applying for the loan. And 400 is not considered a “fair” score, FYI.

  4. Reply
    mbrcatz
    January 28, 2011 at 5:18 am

    Why in the world would you want a mortgage loan together? He’s got nothing to gain, and everything to lose.

    Don’t buy property with someone you aren’t married to. AFTER you’re married, then you can get your bad debts paid off, and they might STILL hurt you, if some was forgiven, or if you have a bankruptcy.

    Close your credit accounts. Pay your bills on time. Your income isn’t going to help AT ALL, with a mortgage in that amount.

    Unless he’s got, oh, $ 70,000 to put down on this house, and NO OTHER DEBT, you guys can’t afford this house anyway.

  5. Reply
    Andrea
    January 28, 2011 at 5:19 am

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

  6. Reply
    Bill
    January 28, 2011 at 5:57 am

    freecreditreport.hotusa.org – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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