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Is it better to not include my spouse with poor credit on the loan?

We are looking to buy our first home and my wife has poor credit. I make over $100k with great credit and she makes $55k with horrible credit. The house we are looking to buy is around $350k with a 15% downpayment by randelljr780 from Corona, California. Jan 9th 2018 Reply


Tiffani Buck (tbuck@optimumfirst.com)
#1201 ranked lender in California - 5 contributions

Yes, if you can qualify alone, you will get a better rate and she can still be on title.

Jan 9th 2018
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Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 62 contributions

I'd say you would likey be better off using your credit. You'd get a larger variety of options and the risk-based pricing (equating to higher rates for those with poor credit) should not impact you negatively.Truthfully, without more detail I'd be unlikely to tell you more. But in my daily practice I do find that this is the case for many families that apply with me.Your spouse, while she may not qualify to be on the loan, can still be on title to the home with you if that's in your family's best interest. Ron

Jan 9th 2018
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Jeff Cost (midwestlender)
#40 ranked lender in Ohio - 164 contributions

Hello Randell. I would leave her off the loan and depending if she has judgements against her or large collection accounts would also consider keeping her off title.Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Call Anytime 513-403-6260

Jan 9th 2018
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

I agree with others, the best option is to not include her on this mortgage and take other steps to help improve her situation for the next time. Not sure why you need 15% down on a 350,000 home if you don't want to use that much - check out your options.

Jan 10th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,266 contributions

More info needed, but if you can qualify on your own, you can buy in your name only, then once the loan funds, you can add your wife to the deed.. This is done all the time.. and by excluding your wife, you will get the better financing rates.. Let me know if I can help.. . I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 10th 2018
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Pouyan Broukhim (PBFinancial01)
#978 ranked lender in California - 24 contributions

absolutely you would do it buy it yourself. and add your wife to title after you close escrow

Jan 10th 2018
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