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    ambene's Avatar
    ambene Posts: 10, Reputation: 1
    New Member
    		  
    #1

    Jan 12, 2009, 12:55 PM
    Mortgage Options
    My girlfriend and I are looking into purchasing a home. I make more $ than she does but she has better credit than I do. What are my mortgage options? Do we both have to be on the mortgage? Would it be better to have her on the mortgage and myself as a cosigner? Or the other way around?

    Thanks
    sandkicker's Avatar
    sandkicker Posts: 43, Reputation: 3
    Junior Member
    		  
    #2

    Jan 16, 2009, 08:23 AM

    Generally mortgages are underwritten on the sum of the incomes and the lowest FICO score of the borrowers (including co-signers).

    If this is a "first home" , i.e. neither one of you has had an ownership interest in a home in three years, you may qualify for an FHA loan which has less rigid FICO score requirements.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jan 16, 2009, 09:00 AM

    Frankly, I would not recommend buying a home as "friends". There are too many things that can go wrong.
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