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Are there any loans in which credit scores can be bypassed? My wife has great credit, but I do not. Suggestions?

by j.metcalf181 from Paramus, New Jersey. Aug 2nd 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,924 contributions

More info needed, but in general, all conforming loans have minimum credit score requirements... and pricing is always based on the LOWEST mid score of ALL borrowers... you could have a 750 credit score and if the co borrower has a 620, then the interest rate will be based on the 620 credit score.. If your scores are below the acceptable range, then you wife can apply on her own.. She will need to have enough income to satisfy the debt, but so long as she makes enough and she doesn't need your income to qualify, then that might work.. Also, there are new programs that allow for a "non-borrowing" spouse'es income to be considered, but there are also lots of restrictions on this program, so it's best to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Aug 3rd 2016
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

Without knowing you and your wife's complete situation regarding credit, income and other factors that might be important to mortgage planning the first thing that comes to mind is that yes there are loans that credit scores can be bypassed but prominently two stand out: 1. You simply do not have a score but then we can use your wife's and still count your income. 2. A hard money loan would allow for what you are hinting to be too low of credit scores for most banks requirements. typically those lenders want 30% down at the very least.

Aug 3rd 2016
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Scott Fix (ScottFix)
#1329 ranked lender in California - 184 contributions

Seek the help of a credit restoration service. Go to http://www.xperiacredit.com/ You will get a free consultation to see if credit restoration can at all help your situation. They are good and very inexpensive. They try and complete the process quickly, since many of their clients are going through or going to be starting the loan process. Ask for Mathew Mincks. If your credit can be improved, it would be great to have both of your incomes on the loan application as co-borrowers. If not, you may be quite limited in the amount for which she alone may qualify. All the best, Scott.

Aug 4th 2016
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