When a couple decides to buy a home and applies for a loan the first step is to have a mortgage company run your credit. Maybe the husband works and the wife does not, or both of you work but his credit is not great. You want to try to get the loan only in one name.
While the lender will allow a couple to purchase a home in one nameÂ butÂ they will have to use both parties credit report. The point being that if one of you has a lot of debt it becomes the responsibility of the other party.
Any good lender can help you determine what it would take to get a loan. What bills need to be paid down, how far down, etc. Once you have a plan in plan in place it won't be long before you can move forward with your home purchase.
Mary Beth Harrison, www.dallastexasrealestateblog.com