Monday, January 7, 2013

Spouse Has Bad Credit - Can I Still Buy a House?

"My spouse has lousy credit, but we want to buy a house.  Can we still get a a mortgage?"

That's a very common question in the lending business and the answer is YES, you can still buy a house, even if your spouse's credit is horrible.

In Colorado, it is possible for one spouse to buy a house by themselves.  It's even possible for both people to be on title (meaning they both own the house), yet only one of them is obligated to pay the mortgage. 

Here's the rule:  If you need to count someone's income to qualify for the loan, then you need to count their credit scores and their debts against them.  However, if one spouse makes enough money to qualify for the loan by themselves, than we only have to count that one person's credit score and debts. 

So - if one spouse has a lot of debt in their name only, or if one spouse has bad credit, the other spouse can still get a mortgage, provided they make enough money by themselves to qualify for the loan.

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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