Your biggest issue is your current property with no equity. If you want to purchase another home in your name you will have to qualify for both principal, interest, tax and insurance (PITI) payments for both properties. If your fiancÃ© has income and an acceptable credit score then she can be on the new mortgage as well to help with the debt ratio. Unless you have 25% or 30% equity in your current property (depending on loan program) there is no way around having to qualify for both mortgages and a loan officer will have to pull your credit to determine that.
It would depend on your debt to income ratio. The fact that your fiancee is not on your current mortgage makes no difference because as soon as you tie the knot, you will be considered one and the same.
Chris is right. You should talk to a mortgage broker to see what your options are. Don't let them run your credit now unless you are ready to transact now, as that could hurt your credit score a bit. Talk to your fiancee, talk to your lender, and develop a game plan to get you on the ground and running.
Good luck with buying a new home and your marriage!
It's more than real estate. It's RAYL-Estate!
Brian Rayl, REALTORÂ®, e-PRO, SFR
Keller Williams Elite Dallas Park Cities
Best of Luck!
According to the credit bureaus the time frame for mortgage inquiries to count as one pull is within 30 days of each other however my concern would be your ratios. $80k combined is tight in order to support one home but two? Your wording has thrown me off a bit but are you inquiring about a 2nd home as in upgrading to a larger one you will most likely have to sell the one you are in before purchasing a new home. In order to keep your current home as rental there are requirements where equity and reserves are concerned depending on the program you qualify for. With no equity you have your work cut out for you and some planning to do. I would recommend sitting down with a mortgage professional as well and put a plan into action.