Posted by Ron on April 09, 2003 at 12:14:22:
what does her income and debt look like?
Bad Credit…Some Ideas Please - Posted by Stephen Kelley
Posted by Stephen Kelley on April 09, 2003 at 08:33:19:
I’m about to get married to a woman who has perfect credit. I, on the other hand, have terrible credit.I have 10k in small debt and a 55k student loan bill(380 a month for 30 years). The plus side is that our combined income will be 90k a year. Is there any way to get good financing with this scenario?. Can anyone give me any ideas on how to obtain financing given this situation? Any help would be appreciated. I live in Pensacola, Florida by the way
Re: Bad Credit…Some Ideas Please - Posted by Gib
Posted by Gib on April 10, 2003 at 21:39:39:
I’m in Navarre. My credit only was used for our mortgage, but both of us (wife and I) are on the deed.
Gib
Re: Bad Credit…Some Ideas Please - Posted by GMann
Posted by GMann on April 09, 2003 at 10:18:58:
You can do the loan in her name only. You don’t have to be on the loan if she will qualify on her own. Why not get the best rate possible. More than likely you will have to sign some of the documents at closing but there is no disclosure to the lender about your credit or debts. You can have ownership of the property (be on title) and not be on the loan.
I know there is a pride issue involved but doing a loan this way is probably the best way to get conventional financing. Remember, now you guys are a financial (and otherwise) team. Play to win!