Very Good Credit Looking to Purchase Home

Anonymous — Thu, 02 Jun 2016 00:52:21 GMT

It has been quite a while since I posted on this forum. Thanks to the members of the forum I was able to improve my credit close to 300 points. My current scores are as follows:

EQ: 778

TU: 770

EX: 762

My credit scores have been around this range (+/- 5 points) for close to a year now. I just finished school and am hoping to purchase a home sometime late this year but have some concerns and woud like your assistance. If anyone needs help with regards to improving scores, I am certainly willing to help too. FYI: All three of my scores were below 500 just 2.5 years ago.

Concern 1) My fiance's credit scores are not so great. All three of her scores hover around 660. However, she has had stable income for the past 8 years. She makes about 55k per year. Should I just buy the house in my name before marriage? Or should I add her on? How does that work?

Concern 2) I finished my master's degree while going to school full time. I managed to work part time on the side but my income for the past two years has been about 40k. My income for the 6 years before I started school was close to 60k. How big of a problem will this be?

I have other questions but feel that these two are a good starting point. Please share your thoughts and let me know what you think. Thanks!

Re: Very Good Credit Looking to Purchase Home

Anonymous — Thu, 02 Jun 2016 15:27:52 GMT

If you can qualify on your income alone, I would do so. You can always add your fiance to the deed. If you need her income to qualify, you'd likely be looking at going FHA. Not a bad alternative, but your scores put you in top-tier conventional territory.

Typically, income from more than two years ago will not be factored into the equation. The lender will look at your current income as well as the previous two years.

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Very Good Credit Looking to Purchase Home

Re: Very Good Credit Looking to Purchase Home