I don't deal with too many builder's lenders, fortunately, as they tend to be aligned with their builder clients vs the borrowers they should be representing (the builder represents an ongoing stream of income vs. the borrower's one-time pop--guess who they align with...). The last one I dealt with turned down my client due to home prices rising $80,000 from start to finish (back in the "crazy" times) and the builder wanted to sell the home to someone new, at the increased price.Fortunately, I was able to get the borrower approved and they got the home at the original price...
First off, what someone suggested you do, attaching your fiancee's name to another person's credit, is unethical (being nice) and a targeted practice which lenders defend against, so no wonder it did not help.
What to do? It sounds like you were on the edge of being qualified, since they are indicating a mere 20 point increase will get you qualified. There are a number of ways to get a score up 20 points--pay down any revolving accounts which have too high of a balance vs credit limit; if you don't have enough credit, take out a very low balance credit card and make timely payments on it, etc.
Bottom line--get together with an unbiased mortgage loan originator and see what they can do to qualify you for the mortgage loan you need. It may turn out to not be the loan you hoped to have, but it could get you into the house you want, then down the road, once things are straightened out, you get into the loan you deserve.
Bill Parker, Loan Officer
AZ Lic# 09011570
CPA--Licensed, no longer practicing
GenCor Mortgage, Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496; (M) 602-565-3646; (F) TBD
MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.
If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter