Married or Single for a home loan?
My fiance and I are going to be getting married within the next 9 months. I have great credit and money for a down payment but no history of work for the last 2 years. She is in debt and has a somewhat low fico, but has been consistently employed for as long as I can remember. Should one of us try and get the loan individually or are we better off getting married and then applying? by marty920 from Danville, California. Dec 9th 2010
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
You need 2 years of employment in the same industry. ... If your fiance has at least a 640 FICO she should receive competitive rates if she decides to try on her own. .... Happy funding, Rudi.
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
As my colleagues have mentioned..anyone applying for a loan must meet the 2 yr. employment/income guidelines as well as the fico guidelines. Typical min fico is 620 though some have raised it to 640. My best advice is to put a plan together to raise her credit and payoff debt, (not close it) and then you would be subject to what her income and debt would qualify for. If you want to use your income that would be a 24 month plan to satisfy the 2 yr requirement of verifying your income. Happy planning....!!Dan the loanman...
Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions
You need to wait. You will not get approved because you if income and employment and her credit being bad.
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