My boyfriend and I are looking into buying a home. I have good credit, and he has poor credit. But he makes the majority of the household income while I’m just a waitress. So how will this affect our home buying?
By: Emily M
About the Author:
By: Emily M
About the Author:
February 12th, 2008 at 10:48 am
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What’s the time line you have planned out for buying a home? Credit is of huge importance to home loan agents so if you do get the loan at all you’ll have a really high interest rate. If you can wait you should so he can get his credit together and you can find a career. You don’t want to end up having your house repossessed.
February 12th, 2008 at 8:18 pm
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February 15th, 2008 at 7:49 am
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It depends on how much you guys make. If he makes good money then you’ll just have a higher interest rate. If his credit score is below 630 you wont be able to get a construction loan to build. So you may need a large down payment to keep your payments down and able to borrow more. My advice is go get preapproved and the lender will tell you what to do to get a better interest rate. For us he wrote letters to the credit bureau and had my hubby sign them and he went from 620 to 700 with his help. But there were errors on his report maybe your bf will get lucky… good luck!