“I Have Great Credit, but My Husband Makes ALL the Income & He has Bad Credit”

This is actually a much more common situation than you would think. One of my Realtor referral partners called me with this scenario, that they had gone to an online mortgage company for an approval, but got denied for the mortgage.

When I spoke to Brenda she shared with me, that she had outstanding credit and her income wasn’t sufficient to get a mortgage on her own. Her husband made very good income, but had a number of large monthly obligations, including child support and alimony. She was actually closer to qualifying on her own, than with her husband.

They asked if there were any possibilities. I asked if there was any possibility of a co-signer. Brenda said that her mother was going to be living with them, but her only source of income was social security. This turned out to be the perfect solution. They qualified beautifully and they can now buy the home that they wanted.

Co-signing a mortgage is not always recommended, but this situation was a perfect solution.