Hi Ryan i was in the same situation 5 years ago, I was the one with the low credit score and could not get a mortgage . I made double my girlfriend income but her middle score was 660 and with that score I knew she would be able to qualify for a FHA loan . So we decided the best move would be if she buys a 3 unit property for $ 216k in Newark Nj ,while I start establishing credit . The property was a REO which was built in 2008 . Our plan was to live in the smaller unit which was a 2 bedroom 1 bath and rent out the two 3 bedroom 2 bathroom units. The underwriter on the deal had me send in a Notarize letter giving her permission to use the money in our joint account .The reason for the letter was because we were not married at the time, She was using the money in that account for the 3.5% down payment and for closing cost.
We stayed at that property for 14months by that time my middle score was 685 so I was able to qualify for my own FHA loan eith 3.5% down ,which I used to buy a 3 unit property for 135k from an investor I meet at one of my REIA meetings , that property was a much older property with two 3 bedroom 1 bath and a large 1 bedroom 1 bathroom with a large office space which we used as a nursery , we moved into this new property and rented out the 2 bedroom we were staying in . So in less than 14months we were able to use 2 FHA loans giving us 6 units .We are both on the deeds for these properties now. We moved out of that 3 unit after 13 months and bought another property to live in but this time we had to have a 20% down payment which we were able to save up .
.I always advice my family and friends to use that strategy when buying their first property but either the husband or the wife or the girlfriend or boyfriend have a serious problem with their name not being on the mortgage or the deed when the property is being bought. I always tell them if their font trust each other to do the right thing after the property / home is bought why be together
