That allows the employer to look at this group and go, ‘They’re not in such bad shape after all,’" she said. There are so many variables that come into play. Do you have debt? Is the mortgage paid.
If your spouse has a bad credit history, you undoubtedly want to help them build a better one. Perhaps you want to qualify for a mortgage together, or maybe your spouse’s credit trouble is keeping them from getting a job. Or, if nothing else, you want your spouse to have better credit because you want the best for them.
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.
“It’s no longer bad,” he said. And, he said, people might find something useful in his story, lessons about persistence and coping with failure, lessons about taking good risks as well as believing in.
Can I Get a Mortgage If My Spouse Has Bad Credit?. Living in your dream house does not have to be put on hold because of your partner’s bad credit.. California area, contact the professionals at Ranch & Coast Mortgage Group Inc. Categories: Archive, Mortgages. Tags:.
As such, you may have a hard time finding a lender willing to offer you a mortgage loan if your credit score is below 550. The best way to offset a low credit score is with a healthy down payment. The larger the down payment you can make, the more likely you are to be approved for a mortgage loan despite your bad credit.
Having two borrowers on a mortgage application can help you qualify for a bigger loan, since you can combine your earnings in figuring your debt-to-income ratio. But if one of them has bad credit, that might not be in your best interest. If the good credit partner/spouse has enough income, you might consider applying under just his or her name.
Spouse’s bad credit creates mortgage mess With home lending still tight, mortgage brokers are seeing more borrowers whose partners have bad credit. carmen Nobel