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question about home buying

my fiance had a house get forclosed (it was finalized a few months ago) I would like to buy within the next few years but he has to wait 7 years from when he got forclosed on. so my question is if we get married does he have to be on the loan as well? what if we don't get married til after we buy? thanks!

Answer Question
 
Anonymous

Asked by Anonymous at 10:05 PM on Jul. 23, 2009 in Money & Work

Answers (8)
  • It is best to go talk to a bank or a realtor, about this.

    louise2

    Answer by louise2 at 10:14 PM on Jul. 23, 2009

  • You can rebuild your credit in under 7 years. My Husband and I had a bankruptcy/forclosure 6 years ago. We bought a house last year with an interest rate of 5%! We worked hard to rebuild our credit and did a good job. You and your fiance can also.
    Anonymous

    Answer by Anonymous at 10:18 PM on Jul. 23, 2009

  • You don't have to wait 7 years to purchase a home after a foreclosure. The guideline is 3 years for most mortgages. Just make sure that all debt from this point in time is paid on time. Also if you qualify for a mortgage on your own you do not have to use him on the loan.
    Kari126

    Answer by Kari126 at 11:21 PM on Jul. 23, 2009

  • Depends on what state you live in. Good credit and a good income are necessary for buying right now so you will need to wait a few years if he is on the note. Can you make the payment on your pay alone your pay is the only pay they will consider if he is not on the note. If I was you I would wait and start saving right now. We have a near perfect credit score, 135k income, and 20 percent down and had to jump through a few more hoops to finalize our loan than we did a few years ago when we had 0 to put down, so-so credit and a much lower income. They lenders are not giving just anyone a loan like they did before the housing collapse.  So the more you save, better your credit score and a good income the better your chances are.

    Anonymous

    Answer by Anonymous at 12:14 AM on Jul. 24, 2009

  • It sounds like you are better off having the home in your name only.

    Make sure that your will is updated, so (in the event of your death), the title goes to your children.
    rkoloms

    Answer by rkoloms at 7:57 AM on Jul. 24, 2009

  • ^^what she said. great answer.
    jewjewbee

    Answer by jewjewbee at 8:22 AM on Jul. 24, 2009

  • No IF you can qualify for the house by yourself he does not have to be on the loan.
    itsmesteph11

    Answer by itsmesteph11 at 10:26 AM on Jul. 24, 2009

  • I say get it on your own if you can get what you want on your income, and then refinance later with him on the loan once his credit improves.
    SylviaNCali

    Answer by SylviaNCali at 1:10 PM on Jul. 24, 2009

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