Hello Cathy Bell. Welcome to the forums.
You could get your mortgage approved with some specialist lenders even if you have defaults on your credit file
. It all depends on how old the defaults are, the total number and the dollar value of the defaults.
In your case, since your husband has already paid off the default, lenders might allow you to borrow 80% of the property value, if there is good evidence of the cause of the default.
To increase your chances of approval:
- Provide a default explanation letter to back up the explanation of the cause of the default.
- Save a large deposit if it is possible of at least 10-20% of the purchase price.
- Ensure that all paid defaults are marked as paid on your credit file.
Once your credit file is clear of blemishes, then we can refinance
to a major bank with a competitive interest rate
Give us a call on 1300 889 743
or fill in our free assessment form
to find out if you qualify for a bad credit home loan.