In some circumstances your spouses credit matters – even thought they may not be on the loan with you.
When it doesn’t matter…
If you are applying for a conventional loan then we won’t run your spouses credit if they aren’t on the loan.
When it does matter…
If you are applying for a government insured loan (FHA, VA, USDA) we will run your spouses credit even if they aren’t on the loan.
Here is what we are looking for…
1) We have to incorporate their minimum monthly debt obligations into the purchasing spouses debt to income ratio.
2) If they have unsettled public records like tax liens, or judgements, then these would have to be satisfied before the loan closes.
What we are not looking for from spouses credit…
1) We really don’t care about what their scores are or what their credit make up looks like other than getting their monthly debts, and to see if they have public records.
So, don’t let your spouses bad credit scores keep you from applying for a mortgage. Their bad scores won’t keep you from getting a mortgage.
If you would like to see if you qualify for a mortgage right now – click here and fill out this simple and quick application.
Have a good day today! …and thanks for reading.
Brett
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