I hold very bad credit but earn more than my spouse who's credit is unblemished - can we acquire a mortgage?
I have really terrible credit (500's) while my husband has a terrific score but make significantly less than I do... I know this is a good time to BUY but a complicated time to get financed... What are our options?
We don't want a huge loan... 90-130k
Answers:
Well person that your other half has better credit they may only finance you guys based on that. Now if you want to be on the mortgage after your credit will come into play. Also since your score is low it may raise the intrest rate a bit.
Because you are wanting a small mortgage, it is notably possible that your spouse can go solely on his credit. It depends on what you call "significantly smaller amount." If he is making under $20,000/yr and is working part-time fairly than full-time, that could cause a problem. However, if he has low income but is working full time and you can use his boss as a citation (with the assumption his boss will be contacted by the mortgage lender and will put in a good word for him), it shouldn't be a problem. My mortgage lender looked at my credit more than my income; they want to know that payments will be prompt, and if your husband's credit is "perfect" then they shows the company he will be on time.
Also, don't be afraid to shop around. Talk beside a realtor. If you contact a mortgage company and pull your husband's credit alone and they turn you down, you have your answer and can move forward next to another company. Two credit pulls won't affect your husband's credit; we started out with one mortgage company and switched to another when we found a different house we wanted.
Hope this help and good luck!!
(And if you are a man referring to a woman... I just automatically referred to your spouse as a man, no offense!)
How do you product more money than your spouse but have worse credit?
1. Have your spouse manage your money.
2. You will prob have need of 10-20% down. Banks want equity now, and full documentation.
The spouse should apply for the loan and consider your income. Jobs stable?
If you can do this, you might be in luck.
If your credit is discouraging, you will have to qualify on your spouse's income alone. Once your name get put on the loan, your credit comes into play.
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