“You can have 2 names on the deed and 1 on the mortgage... it is common.” Reddit · r/personalfinance · 3 years ago
: These are popular for credit challenges, requiring only a 580 score for a 3.5% down payment . buying a house when one person has bad credit
: If you need both incomes to qualify for the desired loan amount, focus on a quick credit boost for the lower-scoring partner before applying . “You can have 2 names on the deed and 1 on the mortgage
: A bigger upfront payment reduces the lender's risk and may offset a lower credit score . : A bigger upfront payment reduces the lender's
Lenders typically look at the "lower middle score" between both applicants on a joint mortgage, meaning one low score can lead to higher interest rates or outright denial .
Government-backed programs are specifically designed for borrowers who don't meet strict conventional standards.
If you proceed with a joint application despite one low score, use "compensating factors" to reassure the lender .