Can my boyfriend and I both apply for a morgtage loan?

You should definitely wait and work on your credit scores. Another piece of free advice; Never sign onto a 30 year commitment with someone that you have no commitment to. If you are not married, do not sign a mortgage note together. This is purely my opinion because I've rarely seen this scenario end well. (If ever)

Very good question. The simple answer to your question is no. If you both are applying for a loan then the lower of your two middle scores will be the credit rating that is used to qualify for the loan. Since your borfriends score is 554 then that would automatically kick you out. If you had an income source that would satisfy the debt to income standards then you could apply for the loan on your own and simply add your boyfriend to the title. This would allow you to both have a legal right to the property yet you would be the one financially liable for the mortgage. Since this option is probably going to be hard to adjust to, then my suggestion would be to get your boyfriend into credit repair so that you can fix what ever is causing his score to be low. Ideally you want to obtain a mid score of no less then 620 and ideally a 640. let me know if you need any help finding a reputable credit repair company.

The lender is going to take the lowest of your scores. There are some FHA lenders that can use scores down to 530. You would need to contact FHA lenders in your area and go from there. If you are not earning income, you could try for a co-borrower, such as a family member. If not, work on getting the fico scores improved. Also if you had enough money for down payment, there are hard money or private lenders who will lend you 60-65% of the home value.

Hello:A simple rule of thumb would be to remember that the lowest middle score of all borrowers is used to qualify for a mortgage loan. FHA still allows non-occupant co-borrowers, however. Do you have a family member with good scores that can co-sign? Patrick McCarthy, Stonegate Mortgage, 614-310-7520, PMcCarthy@StonegateMtg.com