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Texas mortgages

Posted on: 07th Dec, 2006 06:17 pm
Texas residents. I am in the process of repairing my credit so that I can buy a house. My question is, does my wife have to be on the loan. Her credit is horrible and we\'re fixing mine first , then her\'s. I just don\'t want her credit to affect us getting a home loan.

Thanks
No, it's not necessary for your wife to be on the loan.
Posted on: 07th Dec, 2006 07:26 pm
Hi Jeff,

It's really nice to hear that you are trying hard to repair your credit. This is obviously going to help you when you apply for a home loan in future.

If you apply for loan after bringing up your credit score to a favorable value, you may be able to secure the best terms and conditions even though your wife's credit may not be that impressive. This actually varies from one lender to another.

Your wife's credit can only affect your chances of getting loan when you place her name on the loan. Otherwise, what matters is your payment history and ability to pay off loans.

Thanks
James
Posted on: 07th Dec, 2006 09:34 pm
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