Is it a good idea for both spouses to co-apply for a mortgage when one has poor credit?

And the other has great credit?Is it a good idea for both spouses to co-apply for a mortgage when one has poor credit?
You should have the partner w/ the best credit apply first and if the income is not where it needs to be for the home you want than you could try going in it together.Is it a good idea for both spouses to co-apply for a mortgage when one has poor credit?
If you are both going to own the house, you are both going to have to be on the loan.





G-man has an interesting theory. In reality, the house is collateral. If the loan isn't paid, the house is foreclosed. If one owner is not on the note then they have acquired homestead rights, and the bank can't foreclose cleanly, so it has no collateral. No banker in his right mind would agree to this.
Like the previous poster said, you do need to have both people on the note IF both people's income are needed.





If only one income is needed and it's not the person who has bad credit then I'd only have one person apply.





The house can be joined OWNED but the note can be due by only one person.





G-Man
Whose income are you going to use to qualify? If you need both incomes to qualify, both names have to be on the loan.