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My daughter has horrible credit rating. She's never taken care of it and it will haunt her for years. She's been working on it, but has a long row to hoe.
She's getting married next year and I've advised her boyfriend to make his home purchase BEFORE they get hitched. I'm convinced it will be better for him if her bad rating credit doesn't bring the process down. Then they can marry later in the year.
That makes sense to me. I purchased alone. The only issue I see is potentially they could get more of a house if they put there income together but then again I guess they would need to run her credit. The wife could possibly say she contributes X amount of money to the household monthly or is that not possible? Is it necessary just because you are married to purchase together?
There has been so many changes in mortgages that the best thing to do is ask a mortgage broker. Don't ask a bank like BofA or Wells Fargo. Ask a broker who uses many sources of loans and can tell you who is less invasive in getting information. They may be able to get a mortgage on his credit only, maybe she can contrivute or her credit may or may not affect the purchase. A broker can tell you the current atmosphere in home loans.The economic recession(fancy words for depression) and home foreclosure fiasco has created a new monster. What we did in the past no longer counts.
1 person can be on the loan when married. The other spouse will be on title as co-owner here in NC. Your daughters credit score being a factor on when to buy is a non factor. Just to be clear if you don't use her credit history you can't use her income- I say it because I've been asked this in the past.
If they want an FHA loan, the wife's credit will be looked at. They don't necessarily check it for her credit score, but all her debts will count against the debt to income ratios, without her income because considered. When married, her debt becomes his debt, so it can very much effect the purchase approval level.
If they want an FHA loan, the wife's credit will be looked at. They don't necessarily check it for her credit score, but all her debts will count against the debt to income ratios, without her income because considered. When married, her debt becomes his debt, so it can very much effect the purchase approval level.
The only time a spouse's credit and or debts are checked are in community property states - period. Anyone outside of a community property state can buy a property as their sole and equitable estate without regards to any of the spouse's credit or rating (unless it's a joint account with that spouse, and then, that account(s) would show up on the individual's credit). This is true of all loan types. Just because someone buys FHA, does not mean the spouse's debt will be used - only in community property states.
As for the OP, yes, it makes sense for your future son-in-law to buy now, while rates are low, and should you be in a community property state, your daughter's baggage will not be his. However, be aware, most likely it will be considered his property (and debt) before the marriage, and his to retain should the marriage ever break up.
Not an attorney, just sharing what I have seen in the origination of FHA mortgages and in divorce court.
People he said before they get married. So why bring in the marriage rules when they're not married? He already explained it to his future son-in-law.
If the guy can get the loan on his income alone then do it before getting hitched.
Quote:
Originally Posted by Be Happy 2
That makes sense to me. I purchased alone. The only issue I see is potentially they could get more of a house if they put there income together but then again I guess they would need to run her credit. The wife could possibly say she contributes X amount of money to the household monthly or is that not possible? Is it necessary just because you are married to purchase together?
Bad advice and if your daughters boyfriend brings this up tell him that's a dumb idea.
People he said before they get married. So why bring in the marriage rules when they're not married? He already explained it to his future son-in-law.
If the guy can get the loan on his income alone then do it before getting hitched.
Bad advice and if your daughters boyfriend brings this up tell him that's a dumb idea.
It's my opinion therefore it's NOT dumb. No one's opinion is dumb. Everyone is free to voice their opinion........And learn how to form a sentence together......."they get married".
Learn to form a sentence? Is that all you have is sentence structure? It's a forum not english class.
And yes some opinions are dumb and that was a dumb one. It's stupid to get a house using both incomes. If one of them loses their job, then they'll be up **** creek.
PS, How many periods do you need to use Ms. Hypocrite?
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Not true
