The bottom line is that your scenario is a challenging one. With FHA, your fiancÃ©e will need to wait 2 years before she is able to be on a mortgage loan with you. A conventional loan will take 4 years and a portfolio lender product around 3 years. If you really want to buy a house together and both be on the loan then I recommend a 2 to 3 year plan to work on your credit and build up reserves and down payment (I believe Pros on here have recommended such as well). The other option is to qualify on your own. You will be the only one on the mortgage but both of you if you wish can be on the Title. That being said a 628 FICO score also has its challenges as well. There are loans out there for you but the rates and the fees will be high. I always treat my clients like family and look out for their best interests whenever I can so my advice to you is to save up for the next two to 4 years and then reach out to qualified and knowledgeable lender like myself or some of the others on this site. The last thing I would add is if you want the experts that you employ to be as helpful as possible then remember to always give them the whole story, the good, the bad, and the ugly so that they can help you avoid any surprises. Feel free to reach out to me if you have any further questions.
All the best,
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