I recommend that you use our Required Income Mortgage Calculator to determine how much monthly gross income you need to earn to qualify for a specified mortgage amount. For example, someone with $200 in monthly debt expenses (such as credit card, auto and student loans), needs to earn approximately $2,745 in monthly gross income or approximately $33,000 in annual gross income to qualify for a $200,000 mortgage based on current mortgage rates. Depending on your fiance's monthly debt payments, he may be able to qualify for a $200,000 mortgage as a sole borrower. If a lender gives you credit for even a small portion of your income, that could enable you to qualify more easily for the loan amount you want. You can use the calculator to evaluate different scenarios for you and your fiance.
You can also use our Mortgage Qualification Calculator to determine what size mortgage you can afford based on your monthly gross income and debt payments. This calculator enables you to determine how much mortgage your fiance can afford on his own or what you can potentially afford together. Please keep in mind that when two people apply for a mortgage together, lenders typically use the lower score among co-borrowers. Borrowers with lower credit scores are usually required to pay a higher mortgage rate which can impact your ability to qualify for a mortgage. Beyond your credit score, lenders also review your debt-to-income ratio, employment history and other borrower qualification factors to determine your ability to qualify for a mortgage.
You may want to review our comprehensive summary of low / no down payment mortgage programs as well as our helpful comparison of these programs. These programs can be super helpful for first-time home buyers or borrowers seeking low down payment options.