If you’re married, must BOTH partners get credit check for mortgage?
Question: Here’s a question about buying a home:
If two people are married and want to buy a house, will the bank necessarily use the credit ratings of both spouses when evaluating them for a mortgage? Or can just one buy the house, and eliminate the other’s involvement in the credit investigation?
I would really appreciate any e-mail on this subject, sent to
Answer: If you are married you can purchase and qualify for a mortgage in only one name. This is a good thing to do if one of you has bad credit and the other one has poor credit…the only problem may come when they do the debt to income ratios….the one person that is applying for the mortgage must also have enough personal income (with out counting the income of the spouse) to qualify. That may not be possible of there is modest income for that person or if the couple both are obligated on lots of debts or if that person personnaly has lots of debt. One solution is to get a co-signer (other than the spouse) that has good credit & sufficient income to debt ratios to help the borrower qualify. Who ever qualifies will have to sign the note and the mortgage (or trust deed) but, even if one spouse doesn’t qualify (and therefore not required to sign the note) they may be required to sign the mortgage. I wanted to add that the one that has the poor credit can be listed on the recorded deed even though they did not participate in the qualification of the mortgage note.
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