When purchasing a home with someone, if they have a great credit score and you dont?

Asked by Tara, Philadelphia, PA Fri May 9, 2008

is it possible for their name to go on the mortgage without yours? I heard a name can be placed on the deed that is not on the mortgage? Is this true?

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Don Tepper, Agent, Burke, VA
Fri May 9, 2008
Yes. A deed and a mortgage are two different things. A deed shows who owns the property. A mortgage is an IOU to the lender promising to pay for the property.

However, different lenders have different criteria. As Julie correctly notes, so long as one person has the credit and income necessary to qualify for the loan, that's generally sufficient. However--and I'm not a lawyer and this varies from state to state--if you're married to the other person (or possibly a "legal partner") the lender may require both of you to be on the mortgage. After all, if the one with the good credit is legally responsible for any debts you may incur, then your actions could result in the other person being obligated for your debts, and thus be unable to pay the mortgage as agreed to. You should check with someone familiar with Pennsylvania law and lending policies.

Hope that helps.
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Julie, , Buffalo, NY
Fri May 9, 2008
That is true, as long as the other person also has enough income to support the necessary financing.
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