17 Aug Is it better to have one homebuyer with great credit or two home buyers, one with “average” credit and one with great?
My boyfriend and I are looking at purchasing a foreclosed home. His credit is at around 720 and mine is at 650 according to some apps. When he purchased a car last year, it actually showed his credit at 744, higher than all his card apps told him. The car salesman said credit scores are usually higher than the apps say, so I don’t know if that would pertain to me.
My credit is at the low end of average, or the high end of poor; depending on which score system you use.
We both already agreed that we would add my name to the deed afterward if we decided to go forward with only putting his name on it.
The house is a$ 86,000 foreclosure and we would purchase it with a bridge loan as our house hasn’t been put up for sale yet. Long story short, we were planning on waiting until next summer to start the selling/buying process, but this is our perfect home.
For further information: he has owned three homes, one also being a foreclosure. Our current home is estimated to sell for $120-130,000.