if my husband has better credit than I do, do both of us have to apply for a mortgage loan?

Deal Score0

I have much lower credit scores than my husband.
This will be our first home.
do you have to apply jointly if you’re married?

  1. Reply
    January 25, 2011 at 5:16 pm

    If you want your name on the house, then you would have to apply jointly. And I would strongly suggest having your name on the house to protect you in the case of divorce.

  2. Reply
    January 25, 2011 at 5:50 pm

    Not only will your name not be on the deed, but your income will not be given consideration when they determine how much of a loan you qualify for. I would really rethink!

  3. Reply
    tortured in toledo
    January 25, 2011 at 6:07 pm

    Cyndie1030 is absolutely correct. DO NOT buy a house with your spouse without your name on it. EVEN if it means delaying your purchase while you build your credit up to an acceptable level.

    If your credit is just marginal and not BAD, the bank will probably just ask you to submit a letter addressing certain credit indescretions.

  4. Reply
    January 25, 2011 at 7:04 pm

    no you do not, and your name can be on the deed. that has nothing to do with the bank.it is the town
    he will owe the money on the house and both of you as far as the goverment knows own the house.

  5. Reply
    January 25, 2011 at 8:01 pm

    I DONT know its not my problem….Go be stupid and stay in school or go back and while your there pay attention?????

  6. Reply
    January 25, 2011 at 8:13 pm

    If your concerned that your credit will not be sufficient for a mortgage application, you do not have to be on the mortgage. However when the mortgage is filed, it will only show his name on the title and mortgage. He can then place you on the title after the fact. His application might be effected if your make more money than he does, or you need both incomes to purchase a specific home. If you opt for a goverment loan program, you might not have a choice in deciding if you want your name on the mortgage. Some government programs (which are better in some cases than a traditional loan) will require disclosure of a potential wage earner in the house hold. You going to have to research a little more on loan programs to determine which route to take.

  7. Reply
    January 25, 2011 at 9:04 pm

    Depending on the state you live in- your name will be on the title regardless as you are married. There is no reason you have to be on the loan- most good brokers will prefer to put the better credit person on the loan as long as that person has the income to qualify. Even if they don’t, you can go with a stated income loan. And, your husband can always add you to the title after the fact on a quit claim deed. Depending on the loan program and your respective individual incomes- if he makes more than you, you can be on the loan without your credit score affecting it in any way.

  8. Reply
    January 25, 2011 at 9:33 pm

    This is a great question. If you would like more information on this then feel free to contact me at timothy.kazee@americanhm. com adn we can talk more about this. There may be more to it than what some others on on here are telling you. Thanks!

    Tim Kazee

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