Bad Credit Partner

nateb · Joined: 23 Sep 2008 Posts: 1

Here is the situation I'm in.

I found a home that I'd like to purchase with a price of 189,000 and would like to do a 180,000 offer. It's a countrywide short sale and the last offer they rejected was 160.

I have a private loan worked out (not with a bank) for 20,000 that I'd like to use as a down payment, and enough other money for closing costs.

My income is 40,900 and next month it will be 41,725 after a salary increase.
FICO score of 657 thanks to balance I didn't realize I had that was sent to collections. (Balance was paid asap as I saw it on my credit)

I'm looking for a FHA loan for this...

I have a domestic partner that makes around 31,000, yet has horrible credit. As a result I figure I can't even have him on the loan at all. Is this true? Is there some difference between co signer or co borrower that I don't realize that could some how include his income and responsibility in the loan, yet not be smeared by his credit.

Without his income I feel I'm pretty stuck at just missing this loan. Any advice out there?

-Nathan

dnburgess · Joined: 22 Aug 2008 Posts: 2

Generally you can still get approved with FHA even if your parnter has bad credit. However, if your partner has a foreclosure or a bankruptcy they would not be able to go on the loan until those are 3+ years old.

If you would like you can contact me and I will take a look at the situation for you. I am a loan officer by the way.