Get your credit score to a better level and you might also get a better interest rate .
This credit exercise can also be good education tool to get you ready for the responsibility of owning a house.You will need the discipline to make your mortgage payments, the taxes, insurance and utility cost.
You also need to be prepared to pay for repairs and maintenance of the house.This means living with a budget and reserves..
It is better to wait a few month, or maybe longer , before buying a house and use that time to get your financial life in order.
I hate it when my clients call me and tell me that they have to sell their house because they are in financial trouble.
I wish you both the a healthy financial life , with or without your own home.
You can use just your finace's credit to buy the home. And you can be put on at a later date and time. Maybe once your married?
Not all is lost and remember that that the interest is low and houseing is still at a all time low and you may just have a chance to move now before the market changes. Allready this winter I have seen homes increase in price . And who knows when this interest will be this low again.3.32 %!!
I can do an FHA mortgage with a 611 credit score. If I can get your credit score to620 the rate would definitely be better. I would not give out any tips on improving your credit without actually seeing the report. There are sometimes easy fixes such as paying down credit card balances. Do not pay off collections as your score will actually go down. Give me a call and I will be happy to assist you.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
I recommend you and your fiance meet in person with a Local Mortgage Banker to be thoroughly Prequalified.
First, your Mortgage Banker may be able to suggest a course of action to help you increase your credit score sufficiently to qualify.
If not, then the Mortgage Banker can qualify your fiance on his income/credit/assets to find a solution for your dream of owning a home.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
Have a great day!