Wednesday, November 18, 2009

Can we get a mortgage in my name name for credit purposes if half the down payment is my fiance's money?

My credit is much better than his, so we think it might be better to be in my name.

Can we get a mortgage in my name name for credit purposes if half the down payment is my fiance's money?
If you want a loan in your name only, then only your income and credit record can be used to qualify. Ditto for him. If both of you are on the loan, then both incomes and credit records are considered. You can't "cherry pick" between the two of you.
Reply:The main thing is the income and credit. Who has the larger, or more stable, income? If you have an average sized stable income AND the better credit do it in your name. You can "cherry pick". Just list husband's...must be HUSBAND not just FIANCE...income as "other income". Your name can be on the mortgage, your name and his name can be on the deed. This is sometimes how couples with only one working member do it. The thing is, make sure you have your back end covered because if the mortgage is in your name alone and you get divorced, YOU alone will be responsible to the bank! Also, in putting down 22% you should have no trouble even with iffy credit. Get a broker though banks have only a limited number of products to offer. Brokers have thousands.


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