There are ways to do just about any type of loan. The only requirement is that you work with a really good lender who knows the rules of the type of loan you are getting. I work with first time homebuyers in Southern California. Pretty much, every buyer has some hurdle they have to get over in order to get the best loan on their new home. If you would like a referral of lenders here in California, please contact me through my profile. With a little more information, I can refer you to one or more lenders that specialize in helping people in your particular situation.
I am very excited for the two of you. Now is a great time to buy. Hang in there and I am sure you will find a great home at a great price and finance it with a great loan. Most importantly, Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
To answer your question, whoever is on the loan application would have to disclose both credit, and income. With that said, you do have options. Do you have your credit report? Do you know your FICO score? The reason this is important is because there are loans available, namely FHA that will allow financing for borrowers with a FICO score as low as 550. Though not to confuse you, FHA doesnâ€™t necessarily take into consideration the FICO-per say, but more of an "over-all" approach when it comes to your credit. Also, even in todayâ€™s lending world, there are still "asset" based loans, you need strong credit, strong assets, and approx. 20% for a down payment to qualify, but they do exist. I would first start with analyzing both yours and your fiancÃ©â€™s credit and income situation together, and then go from there.
Please feel free to contact me with any other questions you may have.
Thank you for the opportunity to help you.
Have a great day.
Senior Mortgage Banker