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Posted on Nov 13, 2020

Community Mortgage

What is the difference between purchasing a Home in San Diego by Yourself and with a Partner?

Whether you apply for a home loan as a couple or as single man or woman, it usually has no bearing on your eligibility. This is because the criteria for approval and loan terms are similar for married or single individuals. Your assets, credit history, and income are the key factors that help determine whether you get that loan.

Pros and Cons of a Single Application

If your debts are lower than those of your partner’s, lenders will use your information to calculate your DTI (debt-to-income ratio). Additionally, the lender will use your credit score if it’s better than your partner’s and free of derogatory marks. The down side is that your DTI does not play a factor with your partner’s income.

Pros and Cons of a Joint Application

Applying jointly has no impact on the credit decision if both scores are similar and meet the threshold for qualifying. The credit decision may be affected if both income sources have a lower DTI ratio. Furthermore, the credit decision won’t be affected by excellent credit histories. The downside is that the lowest credit score will determine the outcome.

Community Mortgage
814 Morena Blvd #310
San Diego, CA 92110
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