House then Marriage or Marriage then House?

Have you thinking about getting married? Is your goal to buy a house? Are you wondering if it’s better to buy before or after the wedding? Here are some things to consider if you live in Texas.

If buying is on your radar it’s always best to get your ducks in a row and know your loan options prior to marriage. That way you can make the most educated decision whether it’s now or later.

Remember, lenders look at income, credit score, and debt so keep an eye on those things as you begin to think about purchasing a home.

Let’s look specifically at government loans, FHA, and VA mortgage loans. Here are the different ways you can apply for those loans and what the lender looks at in each of the cases:

Single person: It is only your income, debts, and credit score is considered.

Joint but not married: both credit scores, both incomes, and both of your debts are considered.

Married with both names on the loan: both credit scores, both incomes, and both of your debts are considered.

Married with only one name on the loan: borrower’s credit score, borrower’s income, and BOTH spouse’s debts.

If you’re married and applying for an FHA or VA loan the lender considers all debt to be shared debt. So, even if you were trying to avoid having your spouse on the loan due to a low credit score or not meeting income requirements, you still have to claim their debt on the paperwork. If that could be a problem, you might consider purchasing prior to marriage, switching loan types (possibly to a conventional loan), or working on your spouse’s debt/credit/income so you can both be on the loan.

It’s always best to know your buying options sooner rather than later. There’s no judgment in the route you choose to take, it’s whatever works best for you and your family!