I have very poor credit but my husband has a good one. If he applies for mortgage, will he need to declare my credit? I was hoping that we can use his to buy our first house.
2007-03-18 16:13:17 · 5 answers · asked by Hazel R 2 in Business & Finance ➔ Credit
His credit probably offsets yours but mortgage companies are now looking for people that can actually pay (especially with the sub prime garbage going on). If you don't work then don't worry about it.
2007-03-18 16:18:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Many mortgage lenders take precautions while lending to applicants with poor credit score. Hence you will find most of your applications are rejected if your credit record is poor. If you want to apply for a mortgage, ask for the copy of your credit report. Go through it carefully to understand the factors that your lender will consider to approve your mortgage. Pay off all the unpaid debts before applying for the mortgage. Wait till you get the receipts of the debt paid or your lender confirms that the debt has been cleared.
Most of the mortgage lenders ask you to pay some amount as down payment towards your home. This amount has to be paid upfront and will fluctuate. This down payment acts as a security for the lender when they approve your mortgage. To a great extent, your credit score will influence the down payment you have to make.
2007-03-19 03:23:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
most financing institutions require the spouse to act as co-maker in cases of mortgages entered into by the other. this is for the reason that marriage affects the properties of the spouses and have substantial effect depending on the property regimes the spouses have agreed to govern their properties while the marriage subsists. in that case, background and credit investigations will necessarily be taken also on your credit to determine whether your properties may answer in case of default. it is my opinion that it will be better if your husband will offer a different person to act as co-maker or an accommodation maker to convince the lender to disregard your credit standing
2007-03-18 23:33:56 · answer #3 · answered by spraytt 2 · 0⤊ 0⤋
A decent site that has information on First Time Home Buyer loans is at http://www.mortgageawareness.com. They also explain how your credit score will effect your interest rate and down payment.
2007-03-18 23:48:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Once you are married , your credit merges with your first joint loan or joint credit card.
If you have a joint credit card , his FICO has probably already been sucked down .
Get your free annual reports to know for sure OR
Have him request a pre-qual from your lender and ask if he can apply alone. They will know best.
2007-03-18 23:23:07 · answer #5 · answered by kate 7 · 0⤊ 1⤋