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Spouse with bad credit

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Icon Mini Profile vivrodi





Joined: 30 Jan 2009

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Post Posted: Fri Jan 30, 2009 12:37 pm    Post subject: Spouse with bad credit
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If a married couple is looking to get a mortgage to buy a house in Florida, one spouse has bad credit and the other good credit, and they want to buy the house and obtain the mortgage under the spouse with good credit's name only, would the bank look at the bad spouse credit also (assuming the good credit spouse has the income etc to get a loan on his own)? Would it prevent the bank from extending the loan to the good credit spouse?
Icon Mini Profile smithsussane
smith.sussane




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Post Posted: Fri Jan 30, 2009 7:55 pm    Post subject:
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Hi vivrodi!

Welcome to forums!

As far as I know, if the person with good credit wants to get a loan in his name, the lender will look after his/her credit only. He won't be looking after the credit score of the other spouse who has a bad credit.

Feel free to ask if you have further queries.

Sussane
Icon Mini Profile redoten





Joined: 27 Jan 2009

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Post Posted: Sun Feb 01, 2009 7:36 am    Post subject:
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Quote:
with good credit's name only, would the bank look at the bad spouse credit also (assuming the good credit spouse has the income etc to get a loan on his own)? Would it prevent the bank from extending the loan to the good credit spouse?
no, loan and mortgage if personal not related to others. if you have a good credit history and maybe your spouse have a bad credit i believe it cant give some effect.

Hope It Help.

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Icon Mini Profile Missy12342008





Joined: 24 Feb 2009

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Post Posted: Wed Mar 18, 2009 11:31 am    Post subject: able to get a loan with out spouse
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hi there I have some experience in this area. I am the bad credit spouse actually we wanted to purchase a home, and my husband has good credit but mine is bad so what he did was just took the loan out in his name only they did check my credit but I think it was only to see if they could put me on the loan. You should be able to purchase the home with out your spouse on the loan, but you can have him/her on the deed of the house.
Icon Mini Profile gmakerley
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Post Posted: Wed Mar 18, 2009 2:12 pm    Post subject:
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it's nice to have someone who has been through this offer up a testimony. thank you, missy.

and missy is right...a spouse with good credit and sufficient income to make the purchase can go ahead and do so. a spouse with poor credit who is not a party to the loan cannot have any impact on the loan at all.

your spouse should go for it, vivrodi.

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Post Posted: Wed Mar 18, 2009 3:22 pm    Post subject: good luck
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Good Luck vivrodi
Icon Mini Profile Garysnober





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Post Posted: Sun Mar 29, 2009 8:04 pm    Post subject:
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Hi vivrodi the person with the best credit should apply for the loan. He can add you on the title/deed but as for the best rate, please use the person with the best credit score. It would benefit you the most to use the best credit score to get the best rate. Hope this helps. Good Luck!!!
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