Can a married couple with 1 income get a mortgage loan if one has bad credit and the other has good credit?
Written By: admin on June 12, 2009
One Comment
The one with excellent credit is not employed.
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Tags: bad credit mortgage loan, good creditTags: good credit
If the one with excellent credit isn't working, then they won't be part of the equation when the lender is calculating how much they will let you borrow, and what interest rate you will get. So anything you borrow will be based on the income of the partner who is working.
I would wait until you are both working, and have saved a decent deposit, and worked towards improving your credit history, before applying for a loan. At the moment, you wouldn't be able to borrow much, and you'd have to pay a higher interest rate. Furthermore, you might get rejected, which will hurt your credit history even further.
Wait it out, and rebuild your credit. Save a deposit, and THEN apply for a loan. Otherwise you're wasting your time.
Best wishes