Selling and buying a new home? bad credit?
My fiance and I are getting married soon. He had bad credit around a 500 credit score. Mine isn’t much better, but I also have my current mortgage. I bought my home 3 years ago and since my credit has gone down about 100 points. We are looking to sell our current home and buy a new one. I’m not sure how it works, will my credit be better if I sell my home and allow me to get a loan for another? When I apply for a new home loan do they consider the mortgage I already have? I’m worried if I sell my home I wont have good enough credit to get another loan.
Any advice or information would be appreciated! This was the first home I bought and will be the first one I sell. I’m a little clueless at this point. Please help!
We are selling because we want to move to a new town. We currently live in the city and our looking for a more country feel. I bought my house at a great price and have put tons of work into it. I bought it for 40,000 and as far as I know the current value is 75k +