Most guidelines for mortgages require a credit score of at least 620 and a debt to income ratio of 45% or less. To determine if you qualify, you would need to speak with a lender.
Good for you with regards to thinking of a really smart way to lower your monthly expenditures. However, When buying a house or condo you will need money to put towards down payment and closing costs. You didn't mention how much the two of you had saved to be used towards the down payment and closing costs. A sales price of $130k would require about $5k. If you don't have that saved, Perhaps you have relatives who would gift it to you. There are also some 1st time home buyer programs that might help you. Your fiancé definitely needs to get his credit score to at least 620. A lender would be the best person for you to contact and have your debt to income ratios evaluated. One you've addressed those 3 areas, you would be on a better position to evaluate your readiness.
Homes.com contains a wealth of information to help you learn more about real estate. As one of the nation's top online destinations for real estate listings, our database contains nearly four million homes for sale and rental homes. You can also search homes.com for new home construction, foreclosures, and homes for rent. Our real estate agent directory allows you to find Realtors from more than just one brokerage firm. So whether you are wondering what your home value is, looking for a real estate agent to help you buy or sell your home, or just looking to browse properties in your area, it's all right here.