Whose Credit Score Is Used on a Joint Mortgage? - Chase Bank
Sarah and Mark decide to apply together because they want to use both of their salaries to qualify for a larger, $500,000 home. will my bad credit affect my husband buying a house
Even though Mark's score is nearly perfect, the lender bases the entire loan’s interest rate on Sarah’s 580. This could result in an interest rate 0.5% higher than Mark would get alone, adding tens of thousands of dollars to the loan's cost over 30 years. In some cases, Sarah’s score might even lead to a flat-out denial. Chapter 2: The Individual Path Whose Credit Score Is Used on a Joint Mortgage
The lender pulls both of their credit reports. Instead of averaging their scores, they use the "lower middle score" between the two of them. This could result in an interest rate 0
In a legal marriage, your credit score can significantly influence a home purchase, but it doesn't always have to "kill" the deal. Whether your credit affects your husband’s ability to buy depends on whether you apply or if he applies individually . The Story of the Homeowners-to-Be
Determined to get a better rate, Mark decides to apply for the mortgage on his own.