Sorry to be so curt but we just need more information to determine the true answer. We have lenders that will consult with you for free and provide you the details.
Just because you are in school would not prevent you from buying just based on that statement.
Why not begin the process and get the real answers to all of your questions?
You probably could go either way on this one, depending on your preference. For example, with him working and you not working, he may qualify for more house without you because your debts don't count against him. It really depends on whether his credit is sufficient to qualify, since it sounds like he is the one (currently) with the income.
Do you have a good Mortgage Broker? A Mortgage Broker can find the right Lender for you--s/he can shop for you based on whatever your specific criteria are, just like your Real Estate Agent does. This way you're not "tied" to one Lender's product list--which may or may not be a perfect fit for you. And a situation like yours may or may not be as "cookie cutter" as some Lenders prefer. You certainly don't want to find out 1/2 way through the process the Lender you chose doesn't like your profile after all...
If you don't already have a Mortgage Broker, please give me a call at (602) 620-1199. I'd be happy to help!
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The mortgage rules are constantly changing, so talk to a good lender for details, but assuming your fiance has a decent income, some cash on hand, good credit, and a stable job, chances are he will qualify for the loan.
You can buy the house together, that is, write an offer from both of you, but he may need to be the only one on the loan depending on your circumstances.
Check my website link below for info on a couple of great lenders.
Best of luck,
There are several factors to consider in your situation:
*How much are you considering buying?
*How soon will you be buying?
*How much your fiance earns?
They're several other questions that need to be addressed in order to determine the beat approach and options for your goals. I suggest contacting me for a no hassle free consultation. We are Arizona's number 1 independent lender and offer excellent and knowledgeable service.
The pre-approval process is best handled by a Mortgage Lender as there are may factors to take into account . Give my lender Mike King with Amerifirst Financial Inc a call at 623-451-2261, or check out his website for more info at http://www.AZMortgageInfo.com . He is currenly running a special right now for all buyers.
You will need to get a prequal from a lender. Someone will definatly need an income.
Feel free to contact me direct or log on to my site for a lender on that tab. You may enter an application on line and they can get back to you. I am very familiar with the market in the Deer Valley area if that is where you are looking.
If you have no income to add to the pre-approval process - so why be there?
You can still be an owner of the house but not responsible for mortgage payments.
I would encourage you to talk to a few lenders and ask them the same question. Most of them will respond within a couple of minutes with different options for you - you won't be wasting a lot of time.
Steffy Hristova, MBA, SFR, RealtorÂ®
Tel: (480) 966-9353 Fax: (480) 247-5948
3131 E. Camelback Rd. #125
Phoenix AZ 85016
Lending rules are constantly changing. It should be possible as long as your credit is good. If your credit is bad, then it will affect the qualifying ability of both parties. Your fiancee would need to qualify based on his income and debt, but your credit history and debt will also be factored into the equation. Most lenders will suggest leaving you off the loan due to these complications.
1st Rate Home Mortgage is one of the best in town - http://www.1rhm.com. Jesse, the President, is a close personal friend of mine. Give him a call and he will help you out. Tell him Sonny sent you! :)