What kind of mortgage can I get?

username · Joined: 18 Dec 2008 Posts: 1

Hi,

Here's my situation: My fico scores are 593, 607, and 620. I work for the government and take home around 55k after taxes. I made some mistakes credit wise up until I started my current job apprx. one year ago. Basically, I didn't pay all of my bills on time until I acquired a steady career income. I had some collections, and some late payments. I have no late charges within the last 6 months, one open line of credit, and one vehicle loan that is almost paid off. Everything is either paid well in advance, or has been paid off and closed.

My fiance takes home around 28k a year and has fico scores of 720, 743, and 743. She has a $300 vehicle loan monthly, and a student loan of 150 per month.

We are looking to purchase a home, (first time buyers) in the 160,000-200,000 range. Can we get anything? Is there a way to use my income and her credit scores legally? Any suggestions are appreciated.

Ronny · Joined: 07 Nov 2008 Posts: 8

I would suggest you speak with either a bank or independent mortgage broker - This way you can obtain and agreement in principle and find out exactly what will be availbale for you.

The only impact this would have on you, at that stage, is a credit check being done on you.

EricJ · Joined: 09 Jan 2009 Posts: 14 Location: New Jersey

You cannot use your income and her scores. However, you can get the home you are looking for, work on your credit scores, then refinance down the road to get a better rate.