Question by Poofee21: Getting a House Loan & Married: I have a Bankruptcy – Should We Wait?
He will be the earner and I will be unemployed – I am just finishing up a bankruptcy. Is their truly no way to get a loan while you’re married where they don’t count the spouse against you?
We can wait to get married if we have to, but we’re “expecting” and we really don’t want to.
Best answer:
Answer by icemaster316_2001
Well if he is going to be the main earner then I would call around to different lenders and see what they offer. Just stay away from Rock Financial I’ve been screwed over with them as well many of my friends have. What I would do is if he has good enough credit now and a job to afford the payments a month, I would have him go ahead and apply for a loan because they may or may not count you as additional income. Then again, just because you are married doesn’t mean that they have to count you in the loan. Each of you have separate credit scores and the only way that they would count you is if you both applied to be on the loan together. My dad and mom are married and when they applied for a loan, it is in my dad’s name and my mom isn’t even on there.
So you can either wait until your married, or if he has the financial income and great credit score then I would apply for one after you find the house you want. Another thing that you can do is find the house you want, call different lenders and ask them what an estimate payment would be with a credit score based on his and they would be more the willing to help you out. That way your not stuck with a 1000 payment. My Fiance has a morgage for 100,000 and the payment is 860 but that is with nothing down. Some lenders offer 3% down which is around 3,000 to 5,000 down. 20% is the average but who has 20,000 just laying around. We got the seller to pay the closing costs which can range anywhere from 1,000-? depending on the selling price of the house. Ours was 3000 on a house asking price of 102,000.
So best of luck to you with your marriage and loan. Again just because you are married doesn’t mean they count your credit scores together, he can apply all by himself and not include you on there just because you are married you shouldn’t be obligated to be on there. If you find the right lender, you’ll have no problems at all.
Know better? Leave your own answer in the comments!
Tags: Additional Income, Ahead, Amp, Apply For A Loan, Bankruptcy, Closing Costs, Credit Score, Credit Scores, Dad, Fiance, Financial Income, Friends, Getting, House, House Call, House Loan, Job, Lenders, Loan, married, Mom, morgage, Rock Financial, should, wait
