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I was in a similar boat.I'm considering taking out a physician mortgage loan. Long story short my credit is good (over 720). My spouse's credit is bad (and I mean baaaaaaddddd, like well sub 600). I don't see that getting fixed any time soon in spite of my efforts. I'm the only one of the two of us employed.
Will her credit score matter since the loan is based on my income? Or do they take that into account and I'm SOL? I've googled this stuff and I can't seem to find an answer.
Her score will not matter if she is not on the loanI'm considering taking out a physician mortgage loan. Long story short my credit is good (over 720). My spouse's credit is bad (and I mean baaaaaaddddd, like well sub 600). I don't see that getting fixed any time soon in spite of my efforts. I'm the only one of the two of us employed.
Will her credit score matter since the loan is based on my income? Or do they take that into account and I'm SOL? I've googled this stuff and I can't seem to find an answer.
Her score will not matter if she is not on the loan
This is untrue for South Carolina at the least. Either mortgage or deed to the house itself. Can't speak to other states.Some states don't allow you to mortgage your primary home on your name w/o your wife I was told and didn't bother to verify. Might be worth checking out if you are in the south.
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I recently did this in Texas. The law said the wife has to be on the title but no requirement about the loan. The bank had no interest in her credit and she is nowhere on the mortgage but she had to show for closing as she is on the title.