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FAQs: How does your spouse’s credit affect your mortgage potential?

"Although my credit score is fairly good, my husband’s score is about 100 points lower than mine. Is his score going to be a problem when we apply for a loan?"

First, keep in mind that unless you and your husband have opened joint credit accounts in both of your names, your credit score and your husband’s credit score are completely separate. Second, understand that lenders will look at the lower of the two credit scores rather than the higher score or taking the average between the two scores.

With those two things in mind, you’ll need to consider how you want to handle your mortgage application: jointly or with just your information on the application. If you apply jointly, you’ll be able to use both of your incomes and assets, but you may have to accept a higher interest rate and make other concessions in terms of your new loan.

If you decide to have just yourself on the application, you will likely get a better deal on the loan, but your income and assets may not be substantial enough to qualify for the mortgage you want. Also, your decision may depend on what your husband’s credit score actually is. If his score is very low, you may be better off just using your income and assets. In the end, this is a situation in which you should definitely talk to your mortgage professional as they’ll be able to guide you in the right direction.

For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671

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