my credit is horrible. My question is this; Is it possible to get approved for a home loan in his name only? I don't want my credit affecting his at all after we get married, or preventing us from getting a home...which is why we are planning on keeping all of our finances very seperate until my credit is cleaned up, which I'm working on. He makes a very good living, and can qualify for a loan without me, but am I required to disclose mu info. and be on the loan application as well, just because we are married? Please help as this might determine whether or not I have to postpone our wedding until after we get our home.
2006-07-04 09:26:15 · 6 answers · asked by NYCaliGal 2 in Business & Finance ➔ Credit
He can get the house without using your credit. In the State of NY you do not have to share income. But word from the wise. Get your credit together. Make some hard chooses to save some money and payoff everything. If you don't have the money to buy what you want don't buy until you do... Bad credit can be a problem in a marriage. Most people break up because 1. no communication and 2. money money money. Oprah has a great debt clean up on her web site. Check it out.
2006-07-04 15:24:11 · answer #1 · answered by prettybrowneyes 2 · 2⤊ 0⤋
You wouldn't need to disclose your credit info for him to purchase a home. Unless you also want to be on the deed.
I don't know why you would postpone your wedding because of a home purchase. Just my opinion, but I would say, get married, live in a rental that you pay by the month until your credit is cleaned up enough to qualify for a good interest rate.
If you are trying to clean up your credit on your own, I would suggest checking out the site I've listed. It is a "free" do it your self credit repair site. There is tons of info on that site that may help you speed up your credit repair.
Good luck and congrat's on your upcoming wedding.
2006-07-04 09:45:38 · answer #2 · answered by echo 7 · 0⤊ 0⤋
Do not put the home in just his name; you will cause unneeded stress on your marriage. Besides I've owned many homes now and if you are married the bank will require you to be on the deed to the mortgage. If his credit is good that should be all the bank needs other than proof of income to qualify for the lone. Remember banks want to lend you the money that’s how they make there money.
Also this will be a great way for you to improve your credit rating. If you pay your bills on time your score will jump significantly in just one year. trust me on this one I was in your shoes a few years ago. Now my wife the one with the great credit still has great credit but my score is better than hers.
Best of luck,
Murffdog
2006-07-04 10:02:26 · answer #3 · answered by murffdog 2 · 0⤊ 0⤋
The loan application, and the mortgage, can be in one name only,
however that then means that the house is in one name only.
Depending on the state, once married, it does not matter, since both parties then own the property anyway. Look into what the rules are in NY state.
2006-07-04 12:19:11 · answer #4 · answered by Silvana 5 · 0⤊ 0⤋
He could have the loan in his call in basic terms, yet you're able to be listed on the deed to the homestead. The loan in basic terms makes him in charge for the money. to boot, verify to be certain in the experience that your state is an area property state. i've got faith this makes a distinction as to what comments on your credit bureau document and how.
2016-11-01 05:03:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
don't postpone your wedding. Its just the procedures of getting a loan. since his is good it shouldn't affect him just because yours bad. or maybe just put the home in his name. if you love him and he loves you. your credit shouldn't wreak your marriage. Good luck with the wedding.
2006-07-04 09:32:32 · answer #6 · answered by justuandme225 2 · 1⤊ 0⤋