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I have one collection to get off my credit repot then I will apply for a FHA home loan.
My fiance will be a co-signer but he has a state tax lein on his credit report that he makes payments on. Will I still be able to use his income when applying for a mortgage?
Or will this have to be paid off?
Thanks!
Probably but would have to show he is on a payment plan and the would use that payment in your DTI
Ok great!
We just started this payment plan last month. Do you think we need to wait a few more months before applying to show hes making the payments?
best bet is to be upfront with an LO first and go from there...
Thanks for your help!
Hi Glam, a tax lien is a cloud on title, so until it's removed you wouldn't be able to get title insurance for your home loan if you use your fiance's income and credit. Tax liens are forever, so you'll have to pay it off. Hopefully it will give him some lift on his credit score as well.
Good luck!