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Joint mortgage - highest credit score?

Joint mortgage - highest credit score?

Old Mar 19th 2012, 3:28 pm
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Default Joint mortgage - highest credit score?

My US citizen partner and myself will be moving to Greenville, SC this Summer. I have so far been here on a student visa, but all going well will be on an H1b with a fairly decent income. Unfortunately I always assumed I'd go back to the UK after graduation and did nothing to build a credit history so I have nothing to my name. My partner on the other hand has a decent history and score, but is leaving her job to join me and so will have no income after August unless she can find a job and sign a contract asap, which given the usual timeline for hiring teachers is unlikely.

So here we are, me contract in hand with a good enough income for a mortgage but no credit score, and there she is with a credit score but no guaranteed income. Googling around and trying to find how mortgages work over here it looks like we can apply jointly, and that some banks look at the highest credit score and highest earner, others look at the credit score of the highest earner, and others figure some kind of mean of the two. BUT nowhere can I find which lender is which. Obviously what we need is the highest credit score + highest income approach. Anyone have any idea which lenders do this?

Ideally we'd like to apply for an FHA 203k loan because where we would ideally like to live we wouldn't be able to afford a place that doesn't need work. But really at this point we'd take anything and just plan on trading up once she has an income. We have too many pets really to even think about renting as the logistics of finding a place that would allow us would be a nightmare!

Anyone have experience in this or words of wisdom they can share? I'm planning on applying for a store card today to at least get some credit history to my name, but we're off on holiday to the UK in June so I wont have much time to get anything building.
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Old Mar 19th 2012, 4:25 pm
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Default Re: Joint mortgage - highest credit score?

Credit score is meaningless with mixed and varied credit history, so don't worry about it.

The OH will be in a better position to get a mortgage but you'll still need large deposits.

Unless you really know the area well, buying isn't great as you'll need to live in the place for quite a few years to recoup the costs involved in selling the place.

There are plenty of threads and info in the Wiki about credit...but there's no short cut to it
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Old Mar 19th 2012, 4:39 pm
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Default Re: Joint mortgage - highest credit score?

My new job is a tenure track position at a university so we do intend on staying a while, so I do think buying is our best option if we can swing it. Sounds like we may have to wait at least until my partner secures a position though, which is nerve wracking as we will need somewhere to live in August!

Now if ever I get an international student my advice to them will be to start building a credit history even if you don't think you're going to stay, because you never know where life will take you!
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Old Mar 19th 2012, 7:42 pm
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Default Re: Joint mortgage - highest credit score?

Originally Posted by britoutofwater View Post
My new job is a tenure track position at a university so we do intend on staying a while, so I do think buying is our best option if we can swing it. Sounds like we may have to wait at least until my partner secures a position though, which is nerve wracking as we will need somewhere to live in August!

Now if ever I get an international student my advice to them will be to start building a credit history even if you don't think you're going to stay, because you never know where life will take you!
It's always best to rent for a year anyway, there's so much you'll learn about the area from doing that than a snap shot view of a house for a few minutes at a particular time in the day at a particular time of the year ever will.

Also gets you chance to build up credit history and a much better mortgage rate.
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