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Wife has poor credit, should I not include her on mortgage?

My wife and I are seeking to get a loan for a new house, however her credit is pretty atrocious (580). Should I just take full liability against the mortgage even if we both work? She does make a good amount of money, but I am afraid that her credit is going to not let us qualify for a home. My credit is 790. by thomas_454_604 from Buffalo, New York. Nov 21st 2011 Reply


Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions

Correct, you would be better buying the home and qualify on your income. NY is not a coummunity property state so it can be kept seperate. Certainly you should help improve her credit. I can be reached at ballen@accessnational.com for approval.

Nov 21st 2011
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Staci Borg (Staci_Borg)
#50 ranked lender in New York - 6 contributions

Her credit would definitely keep you from qualifying at the lowest rate. Unfortunately, you would lose her income which would lower the amount you can qualify for. You should get qualified based on your credit and income alone to see what price range you should stay within. There are things you can also do to help raise her score. Possibly that can be done before you find your new home. We use a program from our credit provider called "Score Wizard" which shows exactly what can be done and how much it will affect the score. On the other hand, maybe your income is suffcient to qualify for what you want in a house. I can help if you like. My phone number is 347-RON-BORG (766-2674).

Nov 21st 2011
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Marcus Buchanan (mbuchanan)
#313 ranked lender in California - 28 contributions

Thomas,Lets look at it this way per se, the rates are so low right now, theres not going to be a huge difference whether or not your wife is on the loan right now, it all depends on what perticular type of transaction you are trying to do; conventional or FHA. FHA is not always credit driven when it come to exact rates, Conventional can be a different story. Another thing you can do is, do the loan on your own and add her name to the title afterwards to ensure everything is equal relationship wise. Hope this helps. Marcus

Nov 21st 2011
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

If you apply for a l;oan in your own name, the lender will look at your credit history and your income and your debts. If you can qualify for the home alone, that is the route to go. If you need her income to qualify, then you are also stuck with her credit issues. Either way, now is a good time to start cleaning her credit situation up.

Nov 21st 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Well that's up to you... there are companies out there that will finance 580 credit borrowers (FHA only), however you will pay a higher rate. If you don't need her income to qualify, then you can exclude her from the loan and add her to the title after the transaction is complete... best advice is to contact a local mortgage broker, not a bank, and apply with them... they have access to numerous lenders and can match your particular scenario to the right lender.. WilliamAcres.com

Nov 21st 2011
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If you are approved for an acceptable amount than you may want to do the mortgage in your name solely. If not we do have a program that allows for 90% financing with a 6% sellers concession starting at a 580 fico score however the rate is a little higher. If you have any questions feel free to call me at 845-896-5500 Ext 101. Jeff Mitchell

Nov 21st 2011
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Thomas J. Liolos (tliolos)
#38 ranked lender in New York - 16 contributions

Hi ThomasYou will get the best rate if you go about purchasing the home alone. We CAN add your wife to title without being on the mortgage. As long as you qualify and are approvable with your income and debts - then that would be your best bet!I am a local Mortgage Banker in Amherst, so feel free to contact me via email or at my office (716) 839-5771

Nov 22nd 2011
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