Is it possible for a married couple to buy a house, if one spouse has bad credit?

My husband and I are renting his parents old house. The problem is, that I recently have been diagnosed with pet allergies... and his parents had several pets living in that house (for 30 yrs). To avoid those pesky allergies I've experienced since moving into that house, we would like to move. We want to buy a house as opposed to renting again (it's such a waste of money).



The problem is that I have bad credit. I'm wondering if my bad credit would get us turned down for a home loan?



I was a single Mother before I recently got married. I had some tough times and wasn't able to pay bills. Which is how I got the bad credit. In addition, I have unpaid medical bills from my son %26amp; I not having health insurance.



I am currently working on repairing my credit... but it will take time... and we need to move soon!!!



Does anyone have any suggestions?Is it possible for a married couple to buy a house, if one spouse has bad credit?
Maybe try getting a home w/ just his credit (meaning you not being on the loan).



You might not be TURNED DOWN for a loan per say, but alternatively you might get a higher interest rate which would mean you pay more $$$ in the long run.



If you do opt to apply for a loan under both of your names, then making each monthly payment on time will help in re-establishing your credit.



GOOD LUCK!!! : )Is it possible for a married couple to buy a house, if one spouse has bad credit?
Yeah, don't buy a house yet. Even if you want one, the cost of owning a home without a down payment is huge. Plus you have property taxes, homeowners insurance, mortgage insurance for the difference in the amount you borrow for the down payment and all home repairs and expenses. Rent for another year, make a plan to get your bills paid off in that year, and set aside enough for closing costs in your savings account. It may seem like a waste of money to be renting right now, but with bad credit it really does not sound like you are ready to buy yet.



If after all that, you still want to try the lending companies will take your credit and your hubby's credit and count your score somewhere in the middle. You probably could get approved for an FHA loan right now. But remember the amount they say the mortgage is going to be and the amount you end up paying after all the additions could be $500 difference.
In California, where I work, you can obtain a loan using credit record and income of just one spouse.

Your state might have different laws. Contact a local real estate agent and you'll get all the answers you need (it doesn't cost you anything to have an agent when you are a buyer.)