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Getting married , me bad her good


hypersloth
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We are looking at buying a house together, she currently owns a 110k house while I rent. The total purchase would be about 225k which we could afford based on conservative estimates.

Her credit is very good. Mine ficos are 'still' in the 590 range :(.

She gets the 'special' interest rates at car dealers. She has two cars in her name, one is the one I use and one is the one she uses. Mine is almost 4 years old (almost paid off) hers was just purchased last year.

What are the chances that we could 1. get the house 2. get a good interest rate? Is this something she should buy previous to marriage or with me on the loan?

suggestions? or should we bank and wait hoping we dont have soaring inflation in say 5 years?

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Why buy a home when she owns one now? Do you need a bigger home? If you buy joint as married, then no $8000 tax credit because she owns a home. If you buy before you are married, you get the credit. Yes, it is another example of a marriage penalty. The problem is, your credit needs serious improvement. Why so low? If you can get them to the mid 600 range, you could probably do an FHA. Rates are fantastic across the board right now and selection is good.

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You could pick up the phone and call a broker and probably have a definite in 20 minutes. Otherwise, you need to give more info, like why your credit score is a disaster, whether she plans on selling the $110k home and how much equity. Maybe one of the resident LOs or MBs will reply.

I only posted the portion about the marriage penalty to tip you off before it is too late. If you're married, then you may lose out on $8000. I don't think this fact is readily advertised. My realtor had no idea....

And to your question about waiting, there is no reason to. Rates are great and selection is the best in years.

Same answer, just spelled out a little C-L-E-A-R-E-R.

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