Queenofqueens, Home Buyer in Queens, NY

When someone with good credit marries someone with bad credit and they wish to buy a house together, what ae their options?

Asked by Queenofqueens, Queens, NY Mon May 6, 2013

Can the spouse with poor credit be an owner, even though that spouse Is not a co-borrower?

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Answers

5
Hope you spoke to an Attorney that gave you guidance on what to do.
0 votes Thank Flag Link Fri Oct 4, 2013
Both can be on the title but the person with better credit would be the one applying for the mortgage.
0 votes Thank Flag Link Wed May 8, 2013
Ok so this is how it is, if you guys are married and you prefer (obviously because of her credit) to do the loan on your own, but allow her to also go on deed and actually own the house with you, you would both sign the sales contract and both your names appear on it, and the lender will simply collect all your documents (not hers, just yours) and use your credit for the loan, but all the documentation will show that both you and your wife will be on deed. On the day of closing, you will sign all the closing documents, and she will sign her portion so as owner of the house as well.

You should consider working with a lender and/or attorney who is aware of this as a option. If you need a Loan Officer, I am always available to meet face-to-face in one of our Queens branches. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Mon May 6, 2013
Didn't your Mama tell you not to marry someone with bad credit or bad teeth!
0 votes Thank Flag Link Mon May 6, 2013
Your attorney can better advise, have a consultation; the person's name can be added to the deed after closing...
0 votes Thank Flag Link Mon May 6, 2013
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