Getting married is an amazing time for a couple. But in regards to getting married it can affect your ability to get a mortgage. I am about to go over how your spouse’s credit can affect your FHA mortgage. Here are the top 4 ways it will affect you getting a mortgage:
1. Credit Score- When applying for a FHA mortgage your lender will pull both of your credit scores. And if it does not meet the min credit score needed than that person can not be on the loan. This will affect your ability to buy a home since we can also not use their income.
2. Debts- A Spouse that is not on a loan is called a NPS, Non Purchasing Spouse. And on FHA loans you have to count their bills in the debt to income ratio for qualifying. Even if they are not on the loan. So even if you are not counting their income you still have to count their credit
3. Foreclosures- When you own a property together and the home gets foreclosed on, it can affect you even if you were not on the loan. If either spouse had a foreclosure in the last 3 yrs and lived together on that property, your loan could be denied. You will have to wait until it is 3+yrs from the foreclosure date. This affects you even if you were not on the mortgage. This does not affect you if the foreclosure was before you got married.
4. Child Support- If either person is behind on child support and it appears on their credit report, it must be caught up to date asap. This is because you cannot owe back child support as this could become a lien against the property.
Trust me this article is not meant to talk you out of getting married. But you do want to know how it can affect you getting a mortgage. These examples are for FHA loans. And this also goes for any couple that files tax returns together, ex common law, boyfriend and girlfriend, etc. And now for your enjoyment......