The combination of credit to buy a house?

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Here’s the situation. My boyfriend and I are not married yet, but we are looking for a home together very quickly. After doing some online calculators loan, the mortgage lender that we finally went for a pre-qualification. Alone – I get $ 140,000. But this is not really enough for the market we are and what we need for our families. We were told he may be on the deed, but not a loan. Here is the question of when we got married, what would happen to our credit rating combined? Did they combine them? Does it hurt me this time? Our combined income would put us where we must be in banks, even care? To thank you in advance for your help. This whole process can be stressful!

  1. Reply
    February 16, 2011 at 7:49 pm

    I am assuming his credit score is not as good as yours. If you are going to use his income you must use his credit. Work at trying to improve his credit score as soon as possible. They would not necessarily combine your credit but they would consider both of your credit scores. If a credit score is below 680 your interest rates and available loans will be effected greatly. Take the time to build his credit and buy a home that you both will be happy with. Depending on what caused the credit issue you can sometimes write letter of explanations, pay off debts that are collection status and many other things. Search for credit repair suggestions or ask your loan officer. Good Luck with your home shopping!

  2. Reply
    Matt K
    February 16, 2011 at 8:01 pm

    When you marry, your credit scores do not combine merely because you have married.

    Of course, if the two of you are borrowers on the same loan, then anything bad that happens to that loan would affect both of you – say if payments were made late for instance.

    If you both apply for a mortgage together, then you would have the added benefit of his income. Of course, if his credit is really poor, then this would adversely affect whether a bank would approve the loan.

    Yes, you are correct that you can both be on the deed but not on the mortgage. However, once he’s on the deed, he is an owner too – but he doesn’t have any legal obligation to repay the loan if he is not on it (with certain exceptions to married couples in community property states).

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