How can I use my Fiance’s income on a mortgage loan without using his credit.?

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I own my home. The house is in my name. We have been together for 6 years and have a 1 year old and a 4 year old. He has horrible credit and mine is bad. I want to put a large addition on our house. Is there anyway we can use his income without using his credit. I have been told that we cant. But could I say he pays me rent. His paycheck is direct deposit in my savings every two weeks.

I want to purchase a peice of property (A House in GA) that is dirt cheap, but my credit is so horrible I cannot even get a credit card. Are there any programs out there that I can apply for; with out my credit score being checked so often?

16 Comments
  1. Reply
    SPIFIMAN1
    February 6, 2011 at 12:02 am

    Back before the mortgage meltdown people used to be able to get away with this simply by declaring additional income as household income and the banks did not care where it came from.

    But since the meltdown every penny claimed on a application has to be backed up with paycheck stubs, bank statements and employee interviews.

    My Wife and I recently refinanced our home and even with all of our credit scores being well over 800 we both still had to prove our income.

  2. Reply
    merlinswrench
    February 6, 2011 at 12:58 am

    find a house and put 20% down and then it doesn’t really matter what kind of credit you have . find a local bank , and be profiled for the loan remember it is a buyers market now

  3. Reply
    bubbles
    February 6, 2011 at 1:41 am

    try countrywide full spectrum lending they do not so good credit

  4. Reply
    websterjdjr
    February 6, 2011 at 2:35 am

    buying real estate is easier than say purchasing a car since you cant drive a house to another state. If you are a first time buyer you might want to check with local gov where you are about getting a grant to pay your complete down payment to get you moved in and you can also get in a govt program where they have you make smaller pmts now while your income is limited and larger payments later when your situation gets better. You must have a decent education and a good job however .

  5. Reply
    irish eyes
    February 6, 2011 at 2:55 am

    there are alot of lenders out there that will give you the loan, just be careful because some target people with less than perfect credit. my friend refinanced his house and ended up with a loan that was due on a balloon payment in 5 yrs and he didn’t realize this when he was signing……he eventually got refinanced before it was due but he knows it was his own fault for not paying attention to what he was signing. Do you know your credit score? Try checking with people you know to see if they can recommend a mortgage broker (you don’t have to tell them your credit situation), and see what the broker can come up with.

  6. Reply
    heatherlemar
    February 6, 2011 at 3:04 am

    Yes, probably. My husband and I just bought our first house. Him “horrendous credit” me “no credit”. Our home loan isn’t the best. It’s a fixed ARM for 2 years at about 7%. After we pay his debts (about 4 grand) we can re-finance for a 30 year fixed. What I’m saying is you can get a mortgage loan with bad credit. Originally, I was on line just looking for places to rent and stumbled onto a mortgage company that was willing to give us some money. Good luck. Bubbles is right. Our mortgage company is Countrywide. No money down.

  7. Reply
    Akbar B
    February 6, 2011 at 3:31 am

    It’s called a sub prime loan. Ask any mortgage broker about it. You will pay between 2%-4% more over the current interest rate.

  8. Reply
    eddygordo19
    February 6, 2011 at 4:02 am

    See if the seller will accept an Agreement of Sale. Under an AS, the buyer takes possession immediately and makes payments to the Seller (like monthly mortgage payments). Once all payments are complete, title via a deed is passed to the buyer. If the buyer defaults, then seller takes back possession, just like in a foreclosure.

    If the seller doesn’t need all of the money up front and you can offer an attractive interest rate, the AS may prove to be an attractive investment for the seller. Also, the AS may be your only option if no one will lend you money due to your credit score.

    If you do qualify for financing, be careful of the interest rates and points which may be high, again due to your credit score.

  9. Reply
    Edward
    February 6, 2011 at 4:30 am

    A great big “0”………..
    At the same time there are LOAN COMPANIES that will offer you JUST ENOUGH
    to get in deep trouble. Collateral…..Land, First born male, a big diamond….. Be careful my friend, never buy a home without a great agent or a lawyer….By the way I have some swamp land, there is a little water envolved…..The program is “AA”…..

  10. Reply
    jester c
    February 6, 2011 at 4:44 am

    horrendous credit loans http://www.wesayes.com

  11. Reply
    lets_be_logical
    February 6, 2011 at 5:42 am

    Speaking as a nationally known credit score and lending expert (book, radio shows, newspaper columns, etc.):

    If your credit is really that bad, and your mortgage credit scores are below 500, then you will either need seller financing or 25% down payment, or you can try usemycredit.com

    Good luck

  12. Reply
    jimh m
    February 6, 2011 at 6:37 am

    Bad credit happens when you struggle to payoff your dues or cannot pay your dues. If you need cash but are stuck with bad credit history, do not panic. Opt for quick bad credit loans to help you met your financial obligations.

  13. Reply
    judy b
    February 6, 2011 at 7:15 am

    if you have twenty percent or more anyone will finace.
    try owner financing thru a reputable lawyer. work on your credit and fix on the house. time will fly.! where there is a will there is a way. check out dave ramsey he helped me a lot !!!!!!!God Bless and good luck

  14. Reply
    Lynn H
    February 6, 2011 at 8:08 am

    I agree Countrywide seems more workable with loans. Good luck..

  15. Reply
    Sheryl S
    February 6, 2011 at 9:02 am

    I went through something similar. The mortgage companies were not nearly as concerned with my credit score as they were a) my annual income, and b) how much current debt I have.
    On a $ 20K a year salary buying a $ 100K house, I could have got 100% financing had I not had a lot of bills right now. In fact, they said they’d rather see me with a bankruptcy because that means my income is free and clear to put toward the house.

    The 20% down payment will work too, especially with owner financing, but not all places offer that. In New England where I lived, I don’t believe I ever saw an “owner financing” situation in my area, but here in FL, it’s pretty common. Owners don’t always require 20% either. I know a guy here who invests in houses, usually in the $ 185-200K range, and only wants $ 10K down. And they are beautiful, new homes.

    Another place to try is NationStar, a subprime lender, and I hear that Wells Fargo will deal with bad credit.

  16. Reply
    blairmoyers
    February 6, 2011 at 9:27 am

    There are banks that will do it if the house is worth more than the loan. but be prepared to pay upwards to 24 points.
    try on line …lending tree.. also you may qualify for government aid..call fair housing lending,they May point you in the right direction. good luck

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