I make around 40 k and have a 770+ credit score. My fiancé makes more than me but has a low credit score. Would it make sense for me to try and apply for a mortgage on my own?
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If you don’t need her income to qualify then just put her on title and leave her off mortgage. If you want to see whether her lower score makes a big difference to your rate pricing then have her included and look at the difference.
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If you can find a property under $150k, depending on your debt, then you can buy on your own. Otherwise, you need more income… but you didn’t say what prices look like in your area.
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Oh sorry! The range I was looking at is 115-180k. There are nicer ones 200k+ but I am unsure if that is within reach for my income.
Credit score isn’t that important and you can fix it pretty quickly if you need to. More income means bigger loan, worse credit means slightly higher interest rate but it’s not that big of a difference unless her credit is atrocious like 400. Also is it your first home? FHA loans don’t need that good of credit.
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First for me, second for them. Score is a low 500 unfortunately FHA wants at least 580 depending on the lenders. Most I’ve spoken to told me 620 not matter what loan
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What’s the price range for the homes you’re looking at and how much of a down payment do you have? I’m not a lender but it’s seems like it might be super hard to qualify on just your income alone.
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Like 115-180k about 30k for deposit.
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