Even if married, can only one spouse apply for mortage?

[Scream2Death]

the question is this: if i have bankruptcy on record, and i get married like a few months later, and then me and my spouse go to apply for a mortage - does the lender HAVE to look at BOTH our credit history because we are MARRIED?

can she apply for mortage HERSELF(despite on record she is listed as married)

thanks so much!!!!!!!

[ToughTimes]

Yes, one spouse can purchase real estate without the other's credit being considered. I don't know how NY handles this, but in California the non-participating spouse generally must sign a quit claim deed assuring their non-participation, and in OH the non-participating spouse has to sign the deed and a couple of other forms indicating that the non-participating spouse has knowledge that the purchasing spouse is making said real estate purchase.

[Scream2Death]

Yes, one spouse can purchase real estate without the other's credit being considered. I don't know how NY handles this, but in California the non-participating spouse generally must sign a quit claim deed assuring their non-participation, and in OH the non-participating spouse has to sign the deed and a couple of other forms indicating that the non-participating spouse has knowledge that the purchasing spouse is making said real estate purchase.

SWEET, lol - we are actually planning to move to bay area in a few years, thanks!

ok, but another question heh -

bay area homes generally range around 500k

now my spouse only makes 80k per year, and since i don't want to cosign with her, can she get her father(who has great credit & makes 40k per year) to cosign with her - despite being married with me?

[newbie2]

Scream, mortgages are much different now than they were even a year ago. Your future father in law may be able to co-sign, but if he already owns a house and has a mortgage then the debt / income limit may come in to play.

Wait until you're ready to buy a house then talk with several competent mortgage brokers, or your wifes bank and/or credit union. Things could change again in several months and what we say now may not apply then.

[Scream2Death]

Scream, mortgages are much different now than they were even a year ago. Your future father in law may be able to co-sign, but if he already owns a house and has a mortgage then the debt / income limit may come in to play.

Wait until you're ready to buy a house then talk with several competent mortgage brokers, or your wifes bank and/or credit union. Things could change again in several months and what we say now may not apply then.

thanks so much! well, he doesn't have any debt or a house, but with bankrutcy staying on reports for 10 years....i don't think i can wait 10 years heh, it would be a miracle if all of sudden bk stays on for only a few years heh

[ToughTimes]

In general, your credit can be repaired enough to be eligible for a mortgage two years after a bankruptcy. You may be interested to read the "Mortgage After BK" area of this forum.

Yes, your father can buy a property with your wife. It's real estate. People can buy real estate together without being married to each other or even related to each other. In fact, my son's father and I purchased our first home together some years prior to actually marrying each other. My mom, at various times, owned real estate jointly with other people of both genders, even.

[Scream2Death]

In general, your credit can be repaired enough to be eligible for a mortgage two years after a bankruptcy. You may be interested to read the "Mortgage After BK" area of this forum.

Yes, your father can buy a property with your wife. It's real estate. People can buy real estate together without being married to each other or even related to each other. In fact, my son's father and I purchased our first home together some years prior to actually marrying each other. My mom, at various times, owned real estate jointly with other people of both genders, even.

but in general, lenders now frown on anyone with bankruptcy, and will usually give higher rates(despite after 2 years, and better credit). I have been told, lenders look at the worse credit report of a married couple, and base their rates on that...?

[BCA2009]

To each his own!

But I would not even consider entering into a 500K mortgage after going thru our BK ordeal.

I wish you the best and hope it works out for you, but the real estate market could be a decade away from being stable/appreciating. Be cautious about incurring new debt in the real estate market.

[forgotten]

but in general, lenders now frown on anyone with bankruptcy, and will usually give higher rates(despite after 2 years, and better credit). I have been told, lenders look at the worse credit report of a married couple, and base their rates on that...?

Use a bank that got a bailout and let them know if the government would have handed you a billion dollar check you could have avoided bankruptcy just like they did... but they didn't, so here you are. Now issue the darn loan!