effect of bad score on join app?

[tortfeasor1]

If I apply for a mortage with my soon-to-be finacee, how much effect will my bad score hurt our chances for getting a mortgage?

Stats: Her: 780's score, good income, spotless credit

Me: low 600's score, good income, improving credit (had probs about 3 years ago, cleaning up now)

Our joint income close to 160,000. No real debt for either of us, except my car loan (approx 20,000)

she probably makes enough that she could qualify on her own, but we would rather do joint

how much will my bad score effect us?

[chingasaholo]

if they're 3 years in the past and things have been clean since then (you've paid your rent on time right?) then you're all set, you'll likely have to pay off any old collections assuming they are not medical ones....but you should be ok.

[amortgageman]

If your fiance makes enough to qualify on her own you better keep her! Just kidding!

Use her as the primary borrower and you as the secondary borrower, and then you will qualify for the loan with her scores.

[firstsource]

You may have to be creative here, If her income makes up 52% of the total income, then you will use her scores no matter what.

Then, you have some decisions to make. If it will give you both a lower rate by having her on the loan by herself, then you can have your name added to the title when you close the loan. I suggest that you take your situation to a mortgage broker (where they have a lot of lenders that they work with) and have them give you an idea of what will be your rate/program with the different options of her by herself/you both on the loan.

Charles