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With fair credit but income of 130k per year for one person with a spouse that has good credit with 36k per year would a mortgage be approved?


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Wiki User
2014-09-17 23:35:58
2014-09-17 23:35:58

You would definitely be able to get a mortgage. The specifics of your credit history would determine the amount of interest you would be charged.

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Having bad credit does not stop a person from applying wherever they wish to for a home loan mortgage. It does, however, make it significantly less likely that they will be approved.

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There are many mortgage alternatives such as leases, though a person may be able to co-sign on a mortgage with someone with excellent credit. Many times, private lenders will offer a mortgage to someone with bad credit. There can also be social programs that offer resources to low income families.

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Yes, depending on their credit record and income and whether those meet the requirements of the lender.

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As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)

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Yes, a civilian can assume a mortgage of a Virginia property. In order to get a loan for a property in Virginia, the person must have a credit check completed. If they have good credit, their chances of being approved for the loan are higher. If they have bad credit, the bank or loan officer may ask for the person to have a cosigner.


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