It seems reasonable enough: If his credit is bad but hers is good, why not just apply for a mortgage using only her good credit score? The trouble is, if you submit only one partner’s information on the mortgage application, the mortgage underwriters will only consider that partner’s income and assets in determining whether to approve the loan.
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Having a low credit score or bad credit doesn’t always mean a mortgage is out of reach. For the best chance at finding a mortgage that meets your needs and doesn’t bust your budget, check out.
Before applying for any mortgage, you should always check your credit report carefully, to establish if there is any reason why your application could be refused. You can obtain a copy of your report from one of the major credit rating agencies, which include Experian, Equifax and TransUnion.
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· Because applying for a mortgage with bad credit could mean you only qualify for a loan that may be difficult to pay back, it might be smart to wait to buy a home until your credit scores improve. What kinds of bad credit home loans are available? While many mortgage lenders do not offer loans to people with bad credit, some lenders actually do.
· Bills.com has a wealth of information about credit at our Credit Resource Center. Given your bad credit status, which is most likely reflected by late payments or maxed out account trade lines on your credit report, it will be challenging or impossible to qualify for a standard mortgage.
When and where to apply for your mortgage. You can meet with a mortgage lender and get pre-qualified at any time. A pre-qual simply means the lender thinks that, based on your credit score, income, and other factors, you should be able to get approved for a mortgage.
Will I be accepted for a mortgage if I have a bad credit score?. When applying for any mortgage, whether you have a poor credit history or not, it is vital to compare as many deals as possible to ensure you find the right one to suit your needs. If you aren’t certain which mortgage to go for, then you should speak to a mortgage broker who.
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