The one spouse with good credit could get the mortgage in their name only. But they will need income and work history to carry the loan all on their own. Generally this spouse must have enough income so that the monthly payment is no more than 1/3 of their income.
You cannot use the income from the 2nd spouse without also including their poor credit history in the qualification process. Their credit could mean a higher interest rate, larger down payment requirement, more expensive mortgage insurance, or possibly mean you don't qualify at all. It just depends how bad their credit actually is.
The felonies don't affect a mortgage at all. However, the one with bad credit can't qualify for a loan.. so would have to base it only on the one with good credit. Each buyer has to qualify based on income and credit.. we can't pick & choose (can't use someones income but not their credit).
The felonies don't matter insofar as owning property. They do insofar as being able to get employment, which lenders look at.
But bad credit for one is the same as bad credit for both. The person with good credit will have to go it alone, using only their income and employment. None of that will count for the person with bad credit. If both incomes are needed, that bad credit will have to be repaired first.
Yes and no. The felonies are not an issue, the bad credit is. Depending upon how bad the credit is, they might not be allowed to be on the loan, so the person with poor credit couldn't include their income and thus limit how much could be borrowed. That being said, credit can be repaired. In fact you can be proactive and apply before getting married to find out what is necessary to do after you are married to achieve your goal. Good Luck.
Probably easier to not include the credit and liability sink on the resume. Also good to ask whether you should marry someone like that. Financial stress is a big cause of divorce, and if someone already has a bad track record on that *and* has felonies, you have to be pretty trusting to think they'll be a good business partner, which is all a mortgage is.
Maybe, depends on how bad the credit is and how recently are the felonies. It might be easier just to put the loan solely in the name of the one with good credit.
It is possible. Been there. I did qualify for the loan, she was a convicted felon who had been released after completion of her full sentence. She also had a job when we applied and had worked the same job for two years.
Answers & Comments
Maybe, if that one can qualify on his or her own, with enough income.
The one spouse with good credit could get the mortgage in their name only. But they will need income and work history to carry the loan all on their own. Generally this spouse must have enough income so that the monthly payment is no more than 1/3 of their income.
You cannot use the income from the 2nd spouse without also including their poor credit history in the qualification process. Their credit could mean a higher interest rate, larger down payment requirement, more expensive mortgage insurance, or possibly mean you don't qualify at all. It just depends how bad their credit actually is.
The felonies don't affect a mortgage at all. However, the one with bad credit can't qualify for a loan.. so would have to base it only on the one with good credit. Each buyer has to qualify based on income and credit.. we can't pick & choose (can't use someones income but not their credit).
Possibly, but the one bad one is going to make the deal not that good for you.
The felonies don't matter insofar as owning property. They do insofar as being able to get employment, which lenders look at.
But bad credit for one is the same as bad credit for both. The person with good credit will have to go it alone, using only their income and employment. None of that will count for the person with bad credit. If both incomes are needed, that bad credit will have to be repaired first.
Yes and no. The felonies are not an issue, the bad credit is. Depending upon how bad the credit is, they might not be allowed to be on the loan, so the person with poor credit couldn't include their income and thus limit how much could be borrowed. That being said, credit can be repaired. In fact you can be proactive and apply before getting married to find out what is necessary to do after you are married to achieve your goal. Good Luck.
The bank won't look kindly on felonies. Be careful and don't tell them any more than you have to.
Probably easier to not include the credit and liability sink on the resume. Also good to ask whether you should marry someone like that. Financial stress is a big cause of divorce, and if someone already has a bad track record on that *and* has felonies, you have to be pretty trusting to think they'll be a good business partner, which is all a mortgage is.
Maybe, depends on how bad the credit is and how recently are the felonies. It might be easier just to put the loan solely in the name of the one with good credit.
It is possible. Been there. I did qualify for the loan, she was a convicted felon who had been released after completion of her full sentence. She also had a job when we applied and had worked the same job for two years.