Home Buying in Deer Valley>Question Details

Cassandraboat, Other/Just Looking in

Would my Fiance and I be able to get pre-approved on a house together, if I'm currently not working, because I'm finishing school?

Asked by Cassandraboat, Sun Nov 20, 2011

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Doug McVinua’s answer
Maybe!

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?
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Sun Nov 20, 2011
Hi, Cassandra.

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!

Sincerely,
Rob
1 vote Thank Flag Link Sun Nov 20, 2011
Have your Realtor hook your fiancé up with the loan officer they trust the most and then have your fiancé apply for a mortgage without you. Word of caution, the lender will not say anything about both of you being on title together without being married, hint: not easy getting a divorce if you aren’t married. Not making a moral observation, just a comment on a business transaction. Make sure you understand what happens if something happens to either of you if you own property together without being married. If you do not take title correctly you may find yourself in a pickle. Good luck,

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0 votes Thank Flag Link Mon Nov 21, 2011
Talk with a local lender, it is & should be a free process. They will pull credit, work history, and etc to see where you stand. This should be a home buyers first step, and if you do not qualify now, a good local lender will tell you, show you what to work on so that home ownership can be part of your future. Best of luck.

Spirit
0 votes Thank Flag Link Mon Nov 21, 2011
You have received plenty of good answers about the actual loan, but I am guessing you want to know if the two of you can buy a house together while you are in school.

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,
Ann Griffin
0 votes Thank Flag Link Sun Nov 20, 2011
Hi Cassandra,

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.
Web Reference: http://tedcanto.com
0 votes Thank Flag Link Sun Nov 20, 2011
Hi Cassandra,

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.
0 votes Thank Flag Link Sun Nov 20, 2011
Cassandra,

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.

Lucinda Tkach
0 votes Thank Flag Link Sun Nov 20, 2011
Cassandra,
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, Realtor®
HomeSmart
Tel: (480) 966-9353 Fax: (480) 247-5948
3131 E. Camelback Rd. #125
Phoenix AZ 85016

http://www.talktosteffy.com
Web Reference: http://www.talktosteffy.com
0 votes Thank Flag Link Sun Nov 20, 2011
yes you can get pre-approved together. You may talk to a mortgage broker.
0 votes Thank Flag Link Sun Nov 20, 2011
Cassandraboat,

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! :)
0 votes Thank Flag Link Sun Nov 20, 2011
Depends, does your fiance qualify on her own; visit with any licensed loan officer, after reviewing your overall financial information, income, credit, debt, a determination on qualification can be made, the type of loan, how much, how much down, etc.; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Keep in mind that lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations.
0 votes Thank Flag Link Sun Nov 20, 2011
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