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bedford2009 · Mar 27, 2010, 03:03 PM

My fiancé, and I are planning to buy a house together, and my credit is good enough, and his lacks 15 points from the minimum required. I am still in college and have a low income, and he would be the primary source of income. So we were wondering which of score they would go off, and if they could use my credit score and his income, how that would work? Also, which of us would get the tax credit?

Wondergirl · Mar 27, 2010, 03:09 PM

Why not finish college first, get married, and then buy a house when you are in a much better situation financially.

Fr_Chuck · Mar 27, 2010, 03:51 PM

They will look at both scores, and both incomes if you are doing it jointly.

Again, I will agree, there is a time and place to buy a home, When you get out of college and he has time to improve his credit would be the best.

Also wait for the magic word "married" for sure, since if things go south badly, you want to have divorce court to be able to help divide up the property

bedford2009 · Mar 27, 2010, 06:56 PM

I didn't ask for relationship advice, or advice on life. I came here for an answer on mortgage loans. So if anyone can help I would appreciate it, Thank You.

bedford2009 · Mar 27, 2010, 06:59 PM

I would have posted this under relationships if I wanted that advice, now please can we stay on topic?

Fr_Chuck · Mar 27, 2010, 07:01 PM

It is, it is very poor time to get a loan under the conditions you listed.

They will use both incomes and both credit reports.

There needs to be a contract between the two parties as to what happens to the property if the two break up.

Wondergirl · Mar 27, 2010, 07:41 PM

My comments had to do with the terrible housing and mortgage situation, not your relationship. The best thing to do would be to go to a mortgage-lending bank and ask your questions. Each bank handles it differently. I'm guessing your chances of even getting a loan in the first place are much better if you are married (i.e. in a stable relationship). Banks these days do NOT want to take risks.

Fr_Chuck · Mar 27, 2010, 08:32 PM

Plus in college, it is likely you may decide to relocate after college.

Short term, at least in most of the US, you can expect house vaules to keep going down for another year or so.

Advice is not always what you want, but sometmes what you need.

bedford2009 · Mar 27, 2010, 09:25 PM

Fr_Chuck... I get what you are say about the advice thing, but honestly you don't know anything about us, or our situation. So, until then unless you want to help me with my question on the mortgage loans, don't even bother posting. Leave the relationship stuff to the ones in the relationship.
SO PLEASE JUST THE STUFF ON THE TOPIC... Mortgages

Wondergirl · Mar 27, 2010, 10:20 PM

Originally Posted by bedford2009

Fr_Chuck...I get what you are say about the advice thing, but honestly you don't know anything about us, or our situation. So, until then unless you want to help me with my question on the mortgage loans, don't even bother posting. Leave the relationship stuff to the ones in the relationship.
SO PLEASE JUST THE STUFF ON THE TOPIC.....Mortgages

FrChuck WAS on-topic. There is no longer one way banks handle mortgages. There used to be direct and straight answers to your questions. Those days are over! As I said earlier, "The best thing to do would be to go to a mortgage-lending bank [one you are interested in doing business with] and ask your questions. Each bank handles it differently."