Bad Credit Good Credit Partnership
Me and my partner have plans on buying a house in FL for the first time for investment in 6 to 9 months...his credit is not good, mine is....he has the income, I do not...if we finance together, will my credit record suffer?...if it will, when we sell in a year or two, can i finance the next puchase alone to get a better rate.....if there is a better way, please help.
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Marianne
[addsig]
Your credit record will not suffer, just because you are financing together. Keep in mind, however, that there is a reason for your partener's bad credit, so if for example your partner stops paying for his/her share of the mortgage, you would have to pickup the tab. If you do not then your record will suffer.
As far as financing the next purchase alone to get a better rate, will depend on your situation at that point in time.
Thanks for the info...I see that your in San Mateo, what are your thoughts on the market here in the bay area...everyone I talk to says buy now, but what do you think will happen a year fron now?
Marianne,
As you probably know, Bay Area overall has been going strong for the past year. Some areas such as San Francisco and surronding areas did exceptionally well. A lot of people ask the same question you do, some believe it's wil keep going strong, others it will go down.
Our investment plan takes into account the possiblity of prices going down, which is always a possiblity in California market. That said, I don't forsee any major price drops for Bay Area.