If you try to buy a home with your spouse after marriage, the loan officer might examine both of your credit histories. Therefore, you both need to find a way to improve your credit if your FICO score is lower than 740.
If you do have a low credit score, it doesn’t mean a bank will turn down your request for a loan. However, it means you might have to pay higher interest rates. Therefore, if you can find a way to raise your score, that would be better for you. You might have to pay your bills on time for several months in a row and gradually decrease your overall debt amount.
However, you are advised not to close any credit accounts. Leaving them open and finding a way to gradually pay them off will benefit you more. Furthermore, request a copy of your credit report from the Annual Credit Report site. This will help you find it if it has any mistakes on it.
If you and your spouse are ready to proceed with purchasing a home in Northern California, we wish you the best. For more information about mortgage financing, please contact Andraya Coulter today. He serves the San Francisco Bay Area.