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Asked by Ibrahim, Dallas, TX Tue Dec 11, 2012

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Don Groff, Agent, Austin, TX
Fri Dec 14, 2012
Lenders will use the lowest mid-score of you and your girlfriend. So at this time she would not be able to be on the loan with you. If you need her for qualifying purposes you will want to speak with a lender who can work on her credit. She has a way to go but once you get to a 620-640 credit score you can obtain FHA financing at the same rate and offerings as somebody with an 800 credit score.

So your best bet is to buy without her at this time or wait and begin the credit rebuilding process.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157 |
0 votes
Anne Bokalo, Agent, CANTON, TX
Tue Dec 11, 2012
Very tricky situation which I went through myself personally with my fiance. My score is over 800 and his low because of dings on his credit report. So we decided to go with just buying the house in my name since his score would bring it down. I couldn't get a FHA loan because it's a second residence for me so I had to go with a conventional loan.

My advice is always check with a mortgage speciliast to see how to get the fiance's score up and work on getting it up before you attempt at making a purchase. You do not have to be married to buy property together. What they look at is a laundry list of things besides just income such as savings and debts.
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, ,
Tue Dec 11, 2012
They won't finance you because you will not be occupying the property within 90 days.
If you were married, the spouse could occupy and you could move back whenever.

Shirley's answer is wrong. They will not use your score.
They will use the lowest midscore between the two borrowers.

you have 700 - 720 - 730
and coborrower has 540 - 550 - 560

550 is the qualifying score.

The above scenario is mute since you aren't married.
If you got her score to 600 - 620 then she could buy with you as a non-occupying co-borrower.…

above is an article about that program.

Have her get me a credit report. AFTER reading the book. I can try and help you after that
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Shirley Cole…, Agent, Southlake, TX
Tue Dec 11, 2012
yes, she could probably be on the loan, but they will most likely just use your score to qualify you with and get you the price of home you qualify for.
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Ibrahim, Home Buyer, Dallas, TX
Tue Dec 11, 2012
I've just started helping her with her credit. She paid/closed 4 accounts, two of the got removed. 2 accounts still outstanding.

She has one credit card with a low limit, no other credit.

I make over 100k but because I'm considered single and living/working over seas no one wanted to finance me but they did for an investment property.
0 votes
, ,
Tue Dec 11, 2012
What is holding her score down?
Read the free e-book I have linked above and get me a copy of her credit report. I will see if I can identify some things she can improve on to raise the scores.

Do you need her income to qualify? Or do you just want to protect her interest/investment in the property?

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
0 votes
Ibrahim, Home Buyer, Dallas, TX
Tue Dec 11, 2012
I have four investment properties in my name, 1 owner financed 1 FHA financed. I work overseas so I would need her on the loan to get it. I don't have a primary home and haven't been able to get one yrs back because I work over seas.
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Tue Dec 11, 2012
You should be able too. Contact any lender of your choice to get the real truth.

Good luck.

Turtle Creek Realty
0 votes
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