How will this work?

[Anonymous]

My fiance and I are looking to buy a home in the next year or so.  His credit is outstanding, mine is pretty weak. My average FICO is around 600.  I am afraid that I will be turned down for a mortgage, even if we apply jointly.  Should he just apply? He also makes about 3 times as much as I do and we are planning for me to be a stay at home mom once we begin our family.  I am in the rebuilding process and it's comming along, but it takes time.  What course of action would be best for us?

[Lel]

If your fiance's income is enough to qualify for the mortgage amount that you'd like, then his applying alone probably is the better move.

[trdmlc]

And in case you were wondering, you can still be on the deed, just not the mortgage.

[Anonymous]

Thanks! Yeah, his income is high enough and he has a few rental properties.  Additionally, we have roughly $40,000 to use as a down payment, so maybe him applying alone is the best move.  Thanks again!

[ShanetheMortgageMan]

You'll have to be married in order to be permitted on the deed at closing, otherwise it's just a random person being added to ownership of the property.  I agree with having him apply by himself, you'll get dramatically better terms.  Mortgage financing goes by the lowest scores out of all applicants, it's not like auto financing where a strong borrower cancels out a weak co-borrower.