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Just because your partner’s credit hinders home loans doesn’t mean you’re not meant to be.

From a steady relationship to newlyweds to homeowners – that’s the process, right? Whether you’re conventional or not, applying for a home together is a big step to take. After all, you have to be content with their snoring and sleeping with their socks on. But what happens when your partner’s bad credit stops you from getting home loans?

When applying for a home loan together, both of your credit scores will be taken into account. If your partner’s score is less than ideal, you may not get approved for a mortgage. If you do get approved for a mortgage, you’ll most likely have a much higher interest rate. This will make the mortgage more difficult to pay off.

If your partner has bad credit, consider these solutions:

Improve your credit.
This is an obvious one; if you have bad credit, fix it. Work to decrease the debt-to-income ratio to your name, and never land yourself more debt during the mortgage application period. Always make credit card or loan payments in time, don’t apply for more credit cards, and do your best to keep your accounts healthy.

Correct credit report errors.
When was the last time you checked out your credit report? Check it today to dispute any errors, as it may benefit you to do so. Errors may include a wrong Social Security number, address, or late payment.

Apply individually.
If you’re the spouse with the higher credit rating, try applying for the mortgage yourself. Keep in mind that if you do apply alone, only your income is factored into the equation. In turn, your mortgage allowance may be significantly smaller than what you wanted.

Add a parent to the loan.
Consider adding a parent to the loan or deed. While it’s not as romantic as getting the new mortgage as newlyweds together, if the home is more important to you, this can be a viable option.

While there are plenty of obstacles to any marriage and partnership, don’t let real estate concerns get in the way. To learn more about real estate in San Diego, contact the Jenn Blake Real Estate Group at 858.663.6788!