The Moneyologist: The Moneyologist: My husband’s bad credit means our mortgage will cost $300 more a month

Dear Moneyologist,

I was hoping you could give us some advice regarding two first time homebuyers with vastly different credit scores. What would the ramifications be for not putting my husband’s name on the deed or the mortgage so we could qualify for lower payments?

My husband and I got married six months ago and are looking to purchase our first home together. We live in Southern California where the median house in our town is currently listed at over $550,000 and condos around $450,000 and I will be putting at least 10% down. When we got pre-approved for a mortgage it revealed more than a 50-point difference in our credit as his credit score was below 700, partly due to a single late payment by my husband.

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