I have good credit 800, and my fiance has very poor credit 500 but working on building it up slowly. Is there any way in which I can get a mortgage in WI after we are married without him co-applying i.e. taking into account his credit?

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I have good credit 800, and my fiance has very poor credit 500 but working on building it up slowly. Is there any way in which I can get a mortgage in WI after we are married without him co-applying i.e. taking into account his credit?

We are getting married in May 2018. I am wondering about what my best option is–
is there any way to get around my fiance having to be on the mortgage with me
after we are married? If there is no way around this and my fiance’s credit will
be taken into account when applying for a home loan, is my best bet to apply for
a home loan on my own before we are married? Also, how much could I expect the
interest rate to change if I applied for a home loan myself versus us together?

Asked on August 3, 2017 under Real Estate Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

The financial adviser is correct. There is no "loophole" because there is no law requiring that a spouse be considered in a mortgage application--but there is also no law prohibiting it, and all banks will do it. There is no way to stop a bank from inquiring into a spouse's income when considering a mortgage. Therefore, assuming you can do it (i.e. afford it), purchasing the house and qualifying for the mortgage before your fiance legally enters the picture (since "fiance" is not a legally recoginized relationship) is a good idea. Good luck, with home and wedding.


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