What is the simplest way to get a home loan for married couples?
While the easiest and simplest method of buying a home for married couples is for both to apply for and sign the mortgage note and for both spouses to be on title as owners, there are some situations where a spouse should not or cannot be on the mortgage or title. There are usually two reasons that only one of two married home buyers go on a mortgage and/or deed instead of both. The first reason is asset protection and the second is credit issues. Why would you have a Non-purchasing Spouse? The most common reason that only one spouse goes on a mortgage application is because the non-purchasing spouse has credit issues such as a credit score too low to qualify for the loan. For example, if one spouse has a 650 credit score but the other spouse has a 580 credit score, both borrowers applying together will get rejected for a fha home loan program requiring a minimum 620 credit score because all borrowers must meet the minimum score requirement. To get around this problem, many married cou
