2006-06-20 08:53:59 · 11 answers · asked by mikaob23 1 in Business & Finance ➔ Renting & Real Estate
Go with the spouse that has the better credit rating. What does this mean?
It means that during the processing of the loan and puchasing of the house, everything is done in that one spouses name. The spouse with the bad credit will probably have to sign a "Quitclaim deed." Which means this spouse stays conspicuously quiet and out of the picture. Once the escrow is closed, it's a simple matter to get the other spouse back on to the title of the house. Voila!
2006-06-20 09:01:51 · answer #1 · answered by Sugarbear 3 · 0⤊ 0⤋
You can try doing it with only one spouse, the one with the good credit. Or go to a national lender and not a local bank. They have a bigger budget and can take higher risks.
Honestly, if you can afford to pay rent, you can afford to own a home. Getting a mortgage isnt as hard as you think it is, you jsut might end up buying a house that needs some work. But if you're smart about it you can build a lot of equity in a short amount of time.
goodluck.
2006-06-20 15:57:17 · answer #2 · answered by amosunknown 7 · 0⤊ 0⤋
Qualify on your own, if your income will support the mortgage. The lender will consider the spouse's debt, but not their credit. If you can't qualify without the spouse's income, you will have to settle for a higher interest rate, if you can get the loan. The only other option you have (and you won't like it) is to go to another lender and claim to be single.
2006-06-20 16:45:21 · answer #3 · answered by steven s 2 · 0⤊ 0⤋
Who is the primary wage earner? Lenders will use the credit score of the person who makes the most money. If the spouses credit is really bad and will affect the approval, you can just try to qualify with your scores and income. After closing on the loan you can always quit claim your spouse onto title.
http://www.lendermark.com
2006-06-20 16:12:22 · answer #4 · answered by lendermark1 2 · 0⤊ 0⤋
You can purchase the home in your name only. Your spouse doesn't have to be on the mortgage. This eliminates their bad credit affecting your credit rating and score.
2006-06-20 15:57:18 · answer #5 · answered by zoya 6 · 0⤊ 0⤋
You should just get the loan by yourself. When my parents where selling our last house, their was a couple that wanted to buy it. The husband had good credit but the wife didn't. So in order for them to buy our house they had to leave the wife out of it.
2006-06-20 15:58:19 · answer #6 · answered by Simmy 5 · 0⤊ 0⤋
I had no problem with my local bank even tho my credit ain't so good. Still got a good rate because of my wifes credit
2006-06-20 15:57:21 · answer #7 · answered by scrambledmolecues 3 · 0⤊ 0⤋
She should consider rebuilding her credit so she can also have things in her name so, God forbid something should happen to you, it would be easier on her than if just your name was on everything. Most lenders just require paying off collections and such (of course if they not too high for you to manage). Good luck.
2006-06-20 16:06:52 · answer #8 · answered by Tweety 2 · 0⤊ 0⤋
See a Mortgage Broker.
2006-06-25 23:39:22 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I have that problem. I bought the house myself. Wife was okay with it.
2006-06-20 15:58:03 · answer #10 · answered by kentata 6 · 0⤊ 0⤋