I have run into this problem often. One in the couple has good credit and the other bad. Depending on how bad the one credit is, they may not be able to be on the loan. If the one with good credit can qualify for what you want you can go with that and then do a 'Quit Claim' after closing to add the other party on to the deed. This is a good question for a lender who can tell you the specifics of your particular situation. You also need to get legal advice as to what happens if for some reason you don't stay together so you know what happens with this asset. If you need a good lender to review your options or a Realtor to help you through the process, let me know. Best of success.
Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct â€“ 303-669-1246 http://theRobertMcGuire.com
If you wanted to purchase the property and own together then buy in the partners name that has good credit. You won't be able to include the bad credit income. Do a quit claim on title so you both own it at closing. I would have an attorney draw up a exit agreement for the both of you for split of ownership if you split up. Please let me know if this helps.
What is your question specifically? If you're wanting to buy a home, both of you need to qualify (both need to have good credit, income, debt-to-income ratios, etc.). Or, you could look into the possibility of just one of you being able to qualify on their own. BUT...since you're unmarried, I'd be careful. It might be wise to talk to an attorney.