Can my wife and I get approved for a mortgage in a community property state if one of us has bad credit?

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My wife has A+ credit and I have very poor credit. In a community property state we both have to provide our credit history to apply for a loan. Are we just going to have to wait until my credit improves in order to buy a home?

  1. Reply
    Ben Gould
    February 7, 2011 at 4:27 am

    Most likely you can. You may have to pay a higher interest rate than a couple who both have good credit.

  2. Reply
    February 7, 2011 at 4:39 am

    As long a one of you has excellent credit I think you will be fine……..there are mortgage companies that specialize in loans to people with bad credit but I don’t think you need to worry.
    Just see what they come up with and take it from there….many avenues to provide a loan for you too.

  3. Reply
    February 7, 2011 at 4:41 am

    I was told by a Mortgage Broker that they will use the LOWEST middle score to determine your credit worthiness. For example, if the three CRAs have you ate 500, 510, and 550, and she is 720, 700, and 715, they will use your 510 score.

  4. Reply
    katy c
    February 7, 2011 at 5:12 am

    You should still be able to get approved for a mortgage. Because there is collateral involved in a mortgage, they will usually lend to people who have less than superb credit. You will probably pay a higher interest rate, but you should still be able to get it. Lenders make A LOT of money from mortgages, someone will finance you.

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