Credit check requirement for mortgages?

My fiance and I are thinking of purchasing a home. My credit is in shreds - his is perfect. Can a lender take both of our incomes into consideration but only run a credit check on him? (I don't care if his name is on the deed or if both of ours are, quite honestly.)

We live in Ohio, if that helps. (This would be his first home purchase - I currently own a home.)

Thanks!!

No, if they use your income as well as his, they'd have to use your credit also.

I know that sometimes they only use the credit of one borrower but I dont know about the income part.

The lender typically use the the person with the most income as the primary borrower. They will still run your credit report and use your income for qualifying purposes, even though it is not perfect.

It does not work that way. If you want your income included as a means to qualify for a loan, they will also want to verify your credit status, since your income is being used as part of the reason the lender would issue a mortgage.

Can't have one without the other.

Tags

　　Personal Finance 　　Investing 　　Insurance 　　Credit 　　Corporations 　　Other - Careers & Employment 　　Technology 　　Marketing & Sales

Related information

Do fireman get paid a lot?

Many firemen are volunteer. But the ones who get paid generally get paid reasonably well, but they do a hard and dangerous job to earn their money.

...

Vanilla Visa Card from CVS/Wallgreens etc..?

My daughter received 2 vanilla visas for Christmas in $100 and $50 denominations. The $50 was fine, but when she went to by a pair of pants, the $100 said it was not activated, so she didn't ...

Vanilla Gift Cards?

No Unfortunatley you can not get money from it you can only use the cash value for purchases.

...

What are the advantages and disadvantages of gift cards?

The advantage to the receiver is that it is like a credit card with a limit. They are usually offered by speciality store for use within their own or sister stores up the limit charged to the card....

How can you activate a visa gift card if you do not have the original cash register receipt?

This is why you don't but those things.

...

Dell negotation Help please in trouble with rude Dell Wrecked credit?

maybe everyone who reads this can send you a few bucks...how can we get it to you (maybe this time (the third time) you will get the answer to this question that you are looking for) Or should we ...

How long does foreclose stay on your credit?

The actual answer is 7-years from the date of first delinquency, this is set by the Fair Credit Reporting Act and works out to be 7-years and 180-days.

...

Collections company sent us a bill...how can we refute it?

Sounds like there was never a valid, legal contract between you and Directv. Send the letter below to the collection bureau and tell them to take a hike. (Date) Company nane Company Address...