In some relationships, opposites attract. He’s the life of the party, she’s happier in a small group. She puts everything back in place, but he’s a little messier.
Sometimes financial opposites attract, too. One partner may have impeccable credit while their other half has a lower – sometimes much lower – score. When it comes to buying house, how do you make this work?
It’s possible to love your partner but not their credit score. There are a few things you can do:
Help your partner improve his or her credit. Did you know the Southern Maryland Real Estate Network offers credit seminars and other home ownership workshops? Follow our website and Facebook page for the latest details.
Finance the home on your own. Can you afford the home without your partner’s income? Lenders will look at both credit scores when you apply, and a very good score does not offset a poor score.
Look at other financing options. Government-backed loans – such as FHA, USDA, and VA loans – have different standards and can be easier to get. These loans have lower down payments and the credit score requirements are often lower. If you meet the criteria for these loans, they could be a good option for you and your partner.
You’re also benefitting from some luck. The Mortgage Reports wrote this week that lenders are relaxing some standards and that more borrowers are getting approved for loans. If you’ve been turned down for a mortgage in the past, it might be time to reapply!
Ready to start shopping for a home? Let me help! I can connect you with mortgage advice and information about improving your credit score. Contact me today.
La Plata MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309