Looking for some advice. My fiancee and I have been engaged for sometime. We are going to get married this year. I recently filed for BK7 due to serious mediacl bills with child and extremely irresponsible ex. We have our paycheck's in the same account but it only has her name on it. I have a small account I use for my bills. She has pretty good credit. She makes app. 62K and I make 45K. She wants to buy a house this fall. Does it matter if we are married or not. She will be the only one on the note anyways but by being married will that cause us any problems? Also, is there anything I can do with my income to help her out with getting qualified? SHe has approximately 4,000 in total debt and we are working heavy on that month by month. Thanks for all the help you guys can give. By the way, it wouldn't bother us to put off the wedding for a couple of months if that helps with the house.
Personally I would buy the house before the marriage. One other thing would be to buy the house in only her name after you get married butdepending on your state(community property) they would include any debt you have at that time. I don't think you can include your incomeif you are not on the loan. Depending on where you live an income of 62K could get you a pretty decent home. Call a lender now. They will give you the best advice. They love to make loans and will get you financed any way they can. Kim
Thanks. Ohio is not comm. prop. state. I guess I could help with a "gift" for the downpayment since FHA won't hold that against her. In central OH, you can get a VERY nice home for 140-160. I hope she can qualify for an amount like that??
Before you apply for anything you should sit down with a competant lawyer and hash things out.Your BK is not the problem,the problem is the ownership interest in any home, and protecting your and fiancee's financial interests. In my opinion, the fact that you had a BK and are relieved of any possible judgments or liens against any property is a PLUS for financing,not a minus.You are much better off getting married and then buying as your income and contribution on the record far outweighs the BK.
Do you have any advice on a mortgage company that would touch me with a ten foot pole? My employement is with the gov't and I've been in the same field since 94. I just don't want to hurt her getting a good rate so we can get more house. If you know of a mortgage co. please let me know, that deals in Ohio. Thanks!!!
I'm glad to hear that. She really doesn't have that many bills anymore but plenty of positive tradelines.
kozman I will try to answer your questions by importance to your situation. Your fiancee should be able to qualify for the loan on her own, as long as her total debt ratio stays under 40-45% (about $2300) and about 29% debt for mortgage including PITI (about $1500). How much were you planning to put as a DP on the house? The total debt of your fiancee is not the issue, her monthly minimum required payment is what a mortgage lender will look at. You normally are allowed to discount any installment loan that has less than 12 months left on it. Your fiancee will be on the mortgage loan and both of you can be on the deed itself. It is easier to have both of you on the deed(though is doesn't really matter if you are married or not). It doesn't matter that both paychecks go to the same account. If you have what you need for a DP then you shouldn't need to postpone yur marriage in order to purchase your house. Hope this helps and happy house hunting. fla-tan
