What should we do when buying a home if I have bad credit but fiance has excellent credit?

abeth_119: What should we do when buying a home if I have bad credit but fiance has excellent credit?
My fiance and I are looking at buying our first home. I made mistakes when i was younger with my credit and now have bad credit. I have worked out payment plans with my credit card companies and am working to repair my credit; however my fiance and I want to buy a house. He has excellent credit. What is the best way to go about this. We both are newly out of graduate school and have recently started jobs with modest incomes, but I make a little more than he does. Would it be better for us to apply for a home loan together or for him to apply without me so that my credit is not factored in? Thanks.

Answers and Views:

Answer by chatrbox424
Buy the home in his name, work on fixing your credit; refinance later and put it in both of your names at that time.

Answer by Jazhawk
Don’t use your credit report to purchase the house. Use his. That means he will probably need to put up more of a downpayment but with your report, you might be waiting a while longer to get a house.

-J

Answer by israelmoya20
let him buy the house in his name, or go a mortgage company and they will help you get a home, since banks are very picky on credit, let a mortgage company help you….if you are interested in getting a loan for a new home, look for mortgage companies.

Answer by mortgage banker
My advice would be to do the loan in his name only so you can get better rates. If his income does not support the price of the house that you are looking for, there are no income loans and no documentation loans available. We can even do 100% financing on the no documentation loans. Your name could be put on the title at settlement. Get in touch with me and I would be glad to go over your options.

Answer by golferwhoworks
Since you are not married yet, then he buys the home in his name only. Many states are dower states. The day you get married and spend one night in the home you will have joint tenants with rights of survivorship. By buying the home in just his name you will have to step down in home size or get an interest only note until your credit has been scrubbed clean for 2 years. Then you can refinance the loan or step up in home together. When that time comes if you have not married then have the home titled tenants in common. This will protect each of you from the untimely death of either one of you and the possibility of the estate coming after all. I have seen this happen.
Good Luck to you now and in your futures together.