Home Buying in Verona>Question Details

Ahebert91, Home Buyer in 15147

Not married. Will they take into account an individual income or combined?

Asked by Ahebert91, 15147 Tue Dec 11, 2012

My boyfriend and I want to apply for a USDA loan however he has bad credit with income and I have good credit with no income. There for we ether pay his debts and raise his score or I get a job and wait two years. Now if we were married would we be able to use my credit score and his income for a mortgage?

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3
Hello Ahebert,

USDA uses all income in the house to qualify. if you were married or not, it would not make any difference to your qualification.
Its a close call. I need more information.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Tue Dec 11, 2012
All his debts are medical.
0 votes Thank Flag Link Tue Dec 11, 2012
Hi,

It's not really relevant if you're married or not if you both plan to own the property. You would apply for the mortgage together and they would look at the full picture for both of you. You can't pick and choose.
It sounds as though it will make sense to wait a couple of years before you buy regardless. If your boyfriend had trouble managing his money in the past, he should demonstrate to you and to the lender that those problems were in the past and a function of something that is no longer a factor. If you own a house together and he still struggles with managing his spending that could be very stressful and it could throw your home into foreclosure if you can't cover his portion of the mortgage payment which would kill your credit. In the meantime, you'll want to have steady reliable income in case he doesn't have a job or has a financial crisis of some sort.
That's probably not what you wanted to hear, but that's likely what the bank will tell you anyway. Good luck!
0 votes Thank Flag Link Tue Dec 11, 2012
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