Arizona Credit Marriage Question

[ramjam25]

Hi Everyone, I decided to reach out to the board because everyone is always so helpful and informative

My fiance and I are planning on getting married towards the end of the year, I have okay credit (currently rebuilding) and his credit is pretty bad. Since we live in arizona and it is a community property state how exactly does this affect our credits? (mine in particular)

If we were to go buy a house how would that affect it? Would it be better to buy one before marriage?

Thank you all for the help!!

[Repo-ed]

I'm going to suggest that you post up both of your files, so that the mortgage guys/gals and better advise you.

But I must say. shaking credit + bad credit = especially when it comes to wanting a house.

Will the two of you be able to get your scores to mid 600's and have 20% saved for down payment as well as an established emergency fund?

[ramjam25]

Well for the type of loan we plan on getting we/I need a 640, and it's 0% down. I'm currently at 609, was at 580 about a month ago, so my score is going up. Alot of his baddies will fall off this year/next year.

Just not sure if we should do this before/after we get married. If his credit will affect mine we can wait to get married until after we get the house.

[Anonymous]

How's he gonna get a house with scores like that? Are all the negatives beyond SOL for your state?

I'd probably talk to a lawyer and know for certain what the exposure was.

[Quips]

---

@ramjam25 wrote:

Well for the type of loan we plan on getting we/I need a 640, and it's 0% down. I'm currently at 609, was at 580 about a month ago, so my score is going up. Alot of his baddies will fall off this year/next year.

Just not sure if we should do this before/after we get married. If his credit will affect mine we can wait to get married until after we get the house.

---

Since you live in a community property state, if you are married both of your credit scores will be factored into the loan decision - lenders will take the lowest middle score between you two. If you can purchase the house using only your income and your credit, it would be wise to do that before you get married. Down the road after you both improve your scores, you can always refinance in both of your names.

[ramjam25]

Thank you all I reached out to the person who would be doing my loan and he suggested we wait to get married until after we buy the house because if we are married we will have to get a traditional loan, however if it's just me I can do the USDA loan which is 0% down and a score of 640 which was our plan originally! Thank you for all the opinions/help!