Tax Credit Rates 2009
January 4th, 2009
Question: FHA loan: Using Fiance’s credit with mine to get house?
Hello, my Fiance’ and I are getting married on November 7th, 2009 and are hoping to take advantage of the first time home Buyers Tax Credit and are currently looking at foreclosed houses. Only problem is she is a Nanny and does not pay taxes on the income she uses and will not be able to claim her money until next year on her taxes with me (making her). So my question is her credit is much better then mine (almost perfect, she has a car and a few credit cards) but cannot prove her income, so I’m stuck with so-so credit and want to get the best rate possible…is there any banks out there that can use both of our incomes and credit scores together towards an FHA loan? any help would be wonderful. And I don’t even mind hearing from loan officers who think they can help us!
Answer: Congrats on your up coming wedding.
Sorry, but anyone applying for the mortgage will have to provide income documentation. You have a couple of choices here.
1) Wait until she has filed her taxes.
2) Apply on your own – With an FHA loan, a person with a 620 score gets the same rate as someone with an 800 score.
3) Credit repair – work on getting your scores up if they are under a 620.
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