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How to Get a Mortgage If Your Spouse Has Bad Credit

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creditDiscussing your financial situation is something that should probably happen before you get married, since your finances will be largely combined after the wedding. If your spouse has bad credit, that’s no reason to leave them at the altar, but it could make it more difficult to get a good deal on your mortgage, even if the other has great credit. Before you put any time into house hunting, it’s time to do some research about how to counteract one spouse’s bad credit score:

Start Working on That Bad Credit

If they have a negative credit history, now is the perfect time to start improving it. While a short history of paying bills on time and won’t make up for a long history of not paying bills on time, you’ll still want to start building a history of more positive credit habits, to at least prove to the mortgage broker that the bad credit is in your past. Just working on improving your credit score for a few months can make a world of difference when it comes to getting a mortgage.

Get Errors Removed

If part of your poor credit score is due to errors on your credit report, it’s time to get those errors removed. The FTC has a complete guide that shows you how to dispute errors, but if information really is reported incorrectly, getting it removed from your report entirely is a great way to boost your score and have a better chance of getting a great mortgage.

Apply Alone

If there’s no way to improve or remove poor credit history before you need to apply for your home loan, the partner with the better credit score might consider apply for the loan alone. While both of your incomes can be used to pay that mortgage, only the person applying for the loan’s income will be factored into the application, so this isn’t always a great solution.

Look for Alternative Lending Routes

If you’ve only ever applied at your bank for a mortgage, it’s time to look for alternative lending options. HomeSure Lending is a great way to obtain a mortgage, especially if going through the more traditional routes has not yet worked out for you.

AUTHOR

Matt Demorest, President

Matt is the President and Founder of HomeSure Lending. He has extensive experience working in mortgage, finance, business development, business operations and non-profits. Matt holds a Masters Degree in Youth Ministry Leadership. NMLS #1011726

All stories by: Matt Demorest, President

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