Impact of spouse's score on mort. rate?

iVillage Member
Registered: 06-09-2004
Impact of spouse's score on mort. rate?
1
Tue, 01-18-2005 - 12:14pm

We want to try and start house shopping by this time next year. My credit score sucks, but my husband's isn't that bad. We're trying to get them both into better shape before we start the house hunting.

My question is, how do they determine interest rates for married couples? Do they average the scores, or do they go by the lowest credit score? Can we get a mortgage in just his name and include my income?

Also, there are only a few debts that are in collections that are showing up on our credit reports, not all of them are. I'm kinda befuddled by this. I assume that it would be beneficial to pay them off first, since they are the ones that are listed. Am I correct in this assumption?

I just want to get out of here and into a bigger home ASAP.

Thanks for any help!

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Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 01-18-2005 - 12:43pm

This is a great post for the Real Life Real Estate Board:

All my best,
Danni