π‘ Buying Solo vs. Together: What You Need to Know! π°
Thinking about buying a home with your partner? Here's how lenders look at your finances:
π Income Matters
Together: Your combined income means more buying power! π΅
Solo: Only your income counts, which may limit your options.
π Debt Considerations
Together: All debts (including student loans!) are factored in.
Solo: Just your own debts are considered.
π Credit Score Impact
Together: Lenders use the lower score between both of you.
Solo: Only your credit score matters.
π‘ Pro Tip: If one of you has a lower score, some states allow one person on the mortgage while both names are on the title!
And about being married vs. not married? It doesnβt affect mortgage approval, but legally, married couples have more protection in case things donβt work out.
No matter your situation, working with a top real estate agent in Englewood, FL can help you navigate the best path to homeownership. π‘ Ready to get started? Let's talk!
