Houston Credit Repair Expert, Vanessa Perry, explains how someone who is married can qualify for a house on their own. Check out the latest episode of Ask Impeccable below.
The question that is often asked every week at Impeccable Credit Services is “Why Do I️ Need My Spouse to Buy a Home?”. There is a yes and no answer to this question. If the buyer is legally married they do need to include their spouse on the warranty deed. If the buyer can qualify on the house with their income alone along with the household debt they do not need to include their partner in the process. The lender uses the buyer’s mid-score (drop the high, drop the low) to qualify. To qualify solo you must have the income to cover the household DTI (Debt-to-Income Ratio).
Does My Spouse’s Score Count?
For example, if the buyer cannot facilitate the household debt-to-income ratio they will not qualify. They would need to consider using the partner’s mid-score would count as well when qualifying. In other words the lowest mid-score of the two counts as the qualifying score. The person who makes the most money on paper would need the higher score to qualify for the home. If any of the scores do not qualify consider credit restoration.
Houston Credit Repair
Impeccable Credit Services has been in business for over 17 years. We have proudly helped thousands achieve their goals towards financial success. With two physical locations and virtual meetings, we are able to help anyone anywhere. Our motto is “Repairing Credit, Changing Lives” because that is what we do every day for our clients. If you have any questions regarding your credit please feel free to contact us at 713-378-1500. Make sure to check out our website for free content and tips along with some background information on us and our process at www.ImpeccableCreditServices.com.