Hi Laura,

It sounds like your best bet would be to talk with a mortgage broker rather than a lender. Because of the potential credit issues, which could or could not be a hinderance depending on the severity, you'll need the flexability of someone who has numerous products to choose from.

If you need help, just give a call or visit us online athttp:// www.homestarlends.com

Fri Apr 11 2008, 14:02

Laura: I would use your score-- you can be on the loan and contract Your partner-- can be quitclaimed-- after you close (his name on the property title). If you need a couple of Mortgage Specialists to speak to--feel free to contact us.
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Fri Apr 11 2008, 13:50

Hi Laura, I suggest you buy the home under your name. If your married, your husband wil sign a quitclaim. After you take posession, just add your partner back onto the title. Good luck.

Tue Oct 16 2007, 16:32

The first advice i give is to check his score. Its like anything else, there is no way to determine how sick you are till you go to a doctor. Get it checked, then you will be able to legitimately be able to find your cure. Whether it is good or bad it is manageable. You can qualify by yourself in some cases, but it can severly drop your purchase price.

Did you check your score youself, if you did you might want a mortgage broker or bank run an actual mortgage credit report. I have seen all too often people saying they have a 700 score and it comes in at the 600"s. Sometimes it comes in at 800+. The most accurate is a broker report, they always vary from those reports online that you can pull yourself or monitor your credit.

Also if your working with a good broker, when you pull both your scores they can give you alot of advice on what is effecting his or your score. There are some instances where you are able to fix mistakes or pay down a certain credit card to boost your score. This can happen with a rapid rescore. I tell clients this all the time if you know going in you might be on edge go with someone that will help you accomplish this goal. Get referrals and interview your broker wisely asking them all the pertinent questions. Banks will usually approve or deny you, so be cautious when approaching a bank unless you know you are sure to qualify. A bank will always beat a brokers rate, but if they deny you you will have an inquiry and end up in a brokers office anyways.

Good Luck

Tue Oct 16 2007, 13:59

I think you can't really get an answer to this without all the details. How much is the property? How much down payment do you have individually? What funds are available jointly?

You might need to bring in the other partner for source of down payment, debt ratio and income. If you don't need the partner for any of those, you might not have to include the partner on the mortgage, and your higher credit score may provide an advantage of a favorable rate.

Tue Oct 16 2007, 13:44

Just as the previous answer states, you can buy without your partner, however you 'might' not be able to afford as much since the lender will not be able to factor their income.
My experience is this, it's best to get a reality check on both first.
Counsel with your bank and see what they suggest. It might not be as bad as your partner thinks.
Susan Walker

Tue Oct 16 2007, 13:34

Laura, depending on you & your partner's goal, you may not even need to have your partner included in the loan process. Your credit alone may be sufficient to purchase the home you want. If that is the case, after the purchase, you can always ad your partner's name to the ownership of the house. On my website I have some articles about buying that may help you. Feel free to check it out and or call/email me if you have other questions.

Bill

Tue Oct 16 2007, 12:40