This may have been asked a thousand times on here. But I am wondering if it possible to get a mortgage when married w/o spouse on contract? I think it depends on whether or not it is a community property state-but I don't understand all of this? Any possible way to get around spouse's bad credit for mortgage loan? Still a year, maybe 2 away, but just trying to think ahead...
From fhalibrary.com: Non-purchasing Spouse: If a married borrower is purchasing a property by himself/herself, the credit obligations of the spouse must be included with the application and will be factored in with the borrower's credit obligations and used to determine the financial capacity of the borrower. Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property. For me, that didn't mean actually pulling my wife's credit report; it was just a matter of disclosing at the time of the initial telephone interview any monthly payments she might have that aren't already apparent on my reports (none, in our case). Hope that helps... wajaba
I'm buying our house without my husband on the contract. His name will be on the title, but his credit was not used for financing.
We bought our house last year Hubby got the loan. Both of us are on the deed. They didn't ask about my debts and they did not pull my credit report It's an FHA loan and we are in Ohio.
I have bought two houses and refinanced twice. I did it with just myself and they never pulled my wifes credit. She just had to sign the deed paperwork.
