Can my husband purchase a home using only his credit profile but still consider my income as equity on his application?

Asked by Brenda, Atlanta, GA Tue Apr 29, 2014

My husband has a much better credit score than I do but I make more money than he does. Once we start the home buying process I would rather he be the only person seeking the home loan but I'd still want to consider my income and fidelity accounts as equity. Can this be done without my credit profile being considered or will lenders still want to consider my credit profile since we are married?

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Kirsten Well…, Agent, Atlanta, GA
Tue Apr 29, 2014
Hi Brenda,

There are a couple of lenders that may have some options for you depending on the exact situation. I know of one lender with an in house loan product that uses the higher of the 2 peoples scores. I am familiar with other lenders that will allow scores well down into the 500's with other positive circumstances.

The fact remains that lenders will require your credit to be used to count your income. It really has nothing to do with marriage. If your husband wished to buy a home that his income could support alone, your credit/income would not need be considered.

The only exception to this would be dpwn payment. You should be able to gift the down payment to your husband if that is all needed.

Kirsten Wellborn
Garrett Realty
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Dan Tabit, Agent, Issaquah, WA
Tue Apr 29, 2014
This is a popular question that is often asked, one way or the other. To the best of my knowledge no. Each person who's income is being used will have their credit checked as well. Lenders use the middle score of the lowest scoring borrower for FHA and conventional loans.
There may be ways to improve your score before you apply. When meeting with a lender ask if they assist with credit repair. Some common tips are paying down balances on open accounts to 1/3 or less than their high credit. Dispute any errors on your report in writing with proof of the mistake. Do NOT pay off any old collections or close any accounts, this will lower your scores.
Best of luck.
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