With Her Or Without Her

Kevin has a bankruptcy on his record, but a great income. His girlfriend has a great FICO score but doesn't make as much money. Can they get a house?

QUESTION: Kevin wants to buy a home. He got divorced and went bankrupt 2 years ago. He is seeing someone now, and her credit score is much higher than his. Should they even consider him being in the qualification process for them buying a home?

ANSWER: After you are married and want to do it based on her credit report score, that would be very conservative, given that your income is huge. They will look at her credit score and her income, and if she qualifies exclusively, then that’s a conservative purchase.

The way things are qualified went from common sense years ago to stupid subprime mortgages. Now, it’s gone completely back the other way and it’s tough to get a mortgage. With your credit score 2 years after a bankruptcy, if you made $300,000 a year and wanted to get a $50,000 mortgage, you couldn’t because these stupid lenders are so homed in on this FICO score. Washington has completely taken over the mortgage industry and screwed it up.

Go to Churchill Mortgage for this, but I would qualify her, her smaller income and great credit score with your bad FICO score and your great income. Together, you ought to be able to still get a house.