Help! My Spouse / Partner Has Bad Credit » Mortgage Masters Group

If a husband has a 620 score and the wife has 700, then the lower score will be used in the mortgage application and an interest rate of three-eights to half a point higher will be charged, Parsons says. Mortgage options if a spouse has poor credit There are ways to get around one spouse having a low credit score.

Thankfully, with the right advice and the help and knowledge of the specialist mortgage brokers that work with us, there are lenders that may consider husband and wife credit scores for a mortgage , even if a partner or spouse has a less than perfect credit history, either in a joint or sole application.

Spouse Has Bad Credit? How It Affects You. It wasn’t until a few months after my husband and I got married that I decided to check both our credit scores. While my husband’s credit score wasn’t horrible, it certainly didn’t qualify as "excellent."

Does a Non-Working Spouse’s Credit Affect a Home Loan?. Marriage doesn’t require that both spouses apply for loans together, although with large purchases such as a home, they often want to do so.

In an ideal world, you would know your spouse’s credit and financial situation well before you tied the knot. However, you may find yourself marrying someone who has a low credit score (619-500) or a bad credit score (500 or lower) and it isn’t until you’re applying for a mortgage that you find this out.

“If people come to us before making financial mistakes, we can help them,” says Fish. as I was, you’ll have to also take into consideration that you will be without your spouse’s income and need to.

Trulia Blog My Partner Has Bad Credit: Can We Still Buy A House? If you have great credit, you may be able to buy a house, but that doesn’t mean it’s the best idea.

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Ditch your spouse when buying that house.. If your spouse, then, has a credit score that low, you might think about applying for a mortgage loan on your own.. it’s time to help rehabilitate.

Improving credit over time, applying as an individual or finding a strong co-signer are ways to buy a home if one person has bad credit. mortgage lenders will take a look at both your FICO scores.