Being Approved For Mortgage With Poor Spouse’s Credit
Applying for a mortgage when spouse has poor credit score can get the approval process more challenging, but certainly not impossible. Being approved for a home loan, when spouse credit is low will probably mean a higher rate of mortgage for both of you.
Watch this video clip to learn about a case where the husband had a great credit, and the woman has just filed a foreclosure.
Fix Spouse Credit Score Before Applying For Home Loan
The best recommendation may be to try and clean and raise the credit score of the spouse which lowers the overall credit balance for the lenders.
The first thing you and your spouse should do is review your credit scores and reports. Make sure your reports are error-free; if they aren’t, contact all three credit bureaus with the proper documentation to get them corrected.
If your credit score is low due to financial mistakes you’ve made in the past, your goal should be to increase your FICO score before asking for a mortgage loan. The good news is that with some work, any married couple can get their credit scores raised and improve the chances of obtaining a better mortgage interest rate — which can save you tens of thousands of dollars over the life of the loan. See more here.
Learn How To Raise Your Spouse Credit Score
How The Begin This Process
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