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Add My Son to Loan

I am looking to add my 22 year old son to my mortgage loan. But his credit score is not that good, FICO is 533. He has a f/t job, income $144,000/year. Will adding him to my loan increase my interest rate? by Berry_Anthony_Mak... from Decatur, Tennessee. Jul 18th 2018 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You cannot just "Add" him to your loan.. it would need to be refinanced in order to add him, but loan pricing and eligibility is based on the lowest mid score of ALL borrowers.. so if you and your husband have 750 credit scores and his is 533, the loan terms would be based on a 533 credit score, and with a 533, he cannot get financing at all.. but even if he improved his score to 620 or higher, the loan would still be based on the lowest mid scores of all borrowers.. so in this scenario, the rate would be higher. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jul 18th 2018
Ralph Richard Guertin (
#136 ranked lender in Florida - 800 contributions

Have your mortgage professional run credit expert or what if simulator to find out how to improve his score and see if it makes sense based on what William Acres mentioned in your 1st comment and go from there. Let me know if you need further help.

Jul 19th 2018
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,476 contributions

You can't just add someone to a loan, it would require a complete refinance transaction. Next, the mortgage industry uses the middle credit score of the lowest applicant for all loan interest rate decisions. So with a 533 score, the loan would be denied for virtually all programs except high rate, high risk sub-prime loans. Fix his credit first before even remotely thinking of doing anything.

Jul 20th 2018
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