Home Buying in Wilmington>Question Details

Lannahc1369, Home Buyer in Charlotte, NC

One credit score, 2 incomes

Asked by Lannahc1369, Charlotte, NC Fri Aug 16, 2013

My fiance and i are looking to buy a home. Question 1. Does it help our case if we are married rather than still engaged? 2. Is it possible to ( if married) use my credit but both of our income? I have the better credit but the lower paying job. How could we work through getting a mortgage loan like this?

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4
Hello Lannahc~

Buying a home is an exciting time! Congratulations!!

Whether or not you are married has no bearing on the loan from the lenders standpoint. If both of you are going to be on the loan than both of your information will be used to qualify. The lender will not allow you to use selective information :(...unfortunately, it is an all or none philosophy.

The good news is that you may qualify for a program in which it makes little difference. There is so much information out there it can be overwhelming to process it all. It is important to work with a mortgage professional that is experienced, that will consider your particular circumstances and that can offer you the loan programs that best fit your needs. It is also so important to work with someone that you are comfortable with and that will take the time to answer ALL of your questions so that you feel confident with your home financing decision. There is nothing worse than coming away with unanswered questions. This is a wonderful step and it should be a wonderful experience.

Please let me know if I can assist you. I am in Wilmington however I serve all of NC.

CertusBank Mortgage
Lourdes Best
Branch Manager
Mortgage Lending - Wilmington
NMLS #341095

910.509.0300 Office
910.508.6696 Mobile

LourdesBest@CertusBank.com
0 votes Thank Flag Link Tue Sep 3, 2013
Hey - I will tell you that the best loan to go with would be through USDA loans. They are garanteed by the government, most tie it is zero down if your credit score is above 680, and lender pays a lot of the fees for you. Do not let a mortgage broker or banker talk you out of a USDA loan. The mortgage still get sold to one of the bigger banks. Our USDA loan ended up with Chase Bank.
0 votes Thank Flag Link Mon Aug 19, 2013
1. it does not help or hurt your ability to qualify for a loan if you are married or just engaged.

2. For mortgage purposes you use the lower of both of your credit scores for anyone that's going to be on the mortgage. It is possible to obtain a mortgage with only 1 credit score.

I would be happy to take a look at your scenario and let you know if you qualify as is. If not, i can coach you free of charge to help you build your credit so you can get in the best position to take advantage of the lowest rates. There are also some excellent little known programs our there (such as state bond programs) that can offer down payment assistance. Sometimes this money does not have to be paid back and is literally free money.

Let me know if you would like to talk. I am available over the weekends and in my office Mon-Fri 8-6PM.

Apply Online at http://www.guaranteedrate.com/adamslack

Adam Slack
Vice President of Mortgage Lending
Guaranteed Rate, Inc
Cell: 704-242-4108
O: 910-794-8353
0 votes Thank Flag Link Sat Aug 17, 2013
Hi Lannahc1369,
This is a good question that I run into a lot with my buyers. You don't have to be married to buy a house together but if both incomes are being used then credit reports are pulled on both parties as both parties would be liable for the debt. I will be glad to help you through this process as I work with some of the best loan officers in the industry that can give you the very best advise on how to proceed. If I can help you in any way with the process of buying a new home, please let me know.
0 votes Thank Flag Link Sat Aug 17, 2013
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