Qualifying For Home Loan When One Spouse Has Poor Credit

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

 
But you should learn how to do it correctly, step by step.
 
 

Click Here For 37 Days Self Credit Repair Program

You can try an go for a mortgage without your spouse credit, and have the whole mortgage responsibility on one spouse only. Or you can clean and repair the credit score by following these simple 1-2-3 guidelines in the slideshow or at the DIY guide, and apply for a mortgage with a higher score than present one.

According to a 2004 study by the Public Interest Research Groups, or PIRG, as many as 79% of credit reports have errors! If your score is below 640, it's time for concern. "As you start dipping below about 600, you see this dramatic increase [in lending rates]. So with every 20 points - going to 580, 560 - you're ramping up aggressively.
Cleaning Your Credit Report Will Raise Your Score! With a Higher Score You Can Save Thousands Of Dollars Annually. Thousands Have Cleaned Their Credit Using The 37 Day Program. It's About Time You Do It Too. Click Here: Repair Your Credit Score in 37 Days! ($37 Risk Free)