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Can i get the lowest rates for a first home with a FICO 760 and my wive's 680?

Do you average the two scores or pick the higher one? We can wait to improve her score and save more down payment, if need be. by gonefshn_gilbert1... from Tacoma, Washington. Dec 12th 2013 Reply


Rob Pucci (robertpucci)
#14 ranked lender in Oregon - 32 contributions

We go off the middle of three and lower of two scores, depending on how many you have, and most everyone will take the lowest of those scores between two or more people on an application. Both of those scores are pretty darn good. You can give me a call at 971-832-9108 or shoot me an email at robertpucci@greatnwloans.com to go over any questions your may have. Thanks, and have a great day! Rob Pucci.

Dec 12th 2013
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Jamie Lynne (nationwidelenderforyou)
#140 ranked lender in Texas - 576 contributions

Lenders go off the lowest middle score of the two borrowers. Feel free to contact us 7 days a week to discuss your loan options at 800 315 8803. Jamie Lynne, Lending Nationwide Since 1989

Dec 12th 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

For conventional loans your rate will be based on your wife's score unless you can qualify for the loan on your own. In that case you can both be on title with just you holding the note and you would get a better rate. If you are going to be financing with an FHA loan we would no difference in your interest rate either way as both of your scores would qualify for the best FHA rate. Lowest rates. Best Service. 20 years experience in the industry. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Dec 12th 2013
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Jerry Potter (JerryPotter)
#81 ranked lender in Washington - 37 contributions

Unfortunately, if your wife will be on the loan as a co-borrower then you are subject to the lower of the two mid-scores. If you can qualify with just your income then you wouldn't need a co-borrower, therefore able to use your 760 score. Keep in mind getting the lowest rate doesn't depend upon credit score alone. How much money you put down will also come into play. Feel free to call me to discuss in more depth. Jerry 206.631.2212 @ Cobalt Mortgage Washington.

Dec 12th 2013
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Andy Harris, CRMS (AndyHarris)
#13 ranked lender in Oregon - 25 contributions

As others confirmed, they will use the lowest mid-score of the 2 borrowers. Conventional financing would be preferred over FHA, but there would be risk-based pricing adjustments for that FICO score. It would be best to discuss the other specifics with a mortgage professional to determine all the details. Please be cautious as these Q&A's are not meant for self-promotion and others using the terms "lowest rates" or "best rates" results in a violation of State and Federal advertising and promotion regulation.

Dec 12th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

Guidelines state that a loan is priced by the LOWEST mid score of all borrowers.. so unfortunately, it will be based on your wife's score.. this being the case, the pricing difference for a 760 score vs a 680 is not that significant.. especially since rates are on the rise.. and if this is the case, your better off getting your mortgage now, since any improvement you might gain by her improved score would be negated by the overall increase in mortgage rates.. and in fact, it's possible you would be paying a higher rate in a few months with her improved score, then you would with todays rates.. 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

Dec 12th 2013
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Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

All that is said is correct. Depending on your sense of urgency, you may be able to proceed now. Credit repair to an ideal credit score of 740+ for a conventional loan may take up to 90 days. Alternatively, an FHA loan could be done now with a 680 credit score. You could also do a conventional loan with a 680 credit score but your interest rate would probably he higher. Let me know if you have any more questions. We are local and I would advise you to pick a local lender. Thanks!

Dec 12th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Adding to what others have said, you might not do much better by waiting because interest rates seem headed higher. So, after her score is better rates may be higher so there is no benefit to waiting. If you qualify on your own, it is possible to do the loan in just your name to get the better rate. - Usually the issue is high balances on credit cards as a % of the limit - keep them ALL under 30% of the limit. Email me and I'll send you a list of suggestions that can quickly help the score: pdumouchel@primelending.com

Dec 12th 2013
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Michael Patterson (MichaelPatterson)
#52 ranked lender in Washington - 73 contributions

Your account name makes me want to head out & hit the Cowlitz! So, on Conventional Loans, (Fannie Mae / Freddie Mac guidelines), credit scores do have a pretty big effect on the interest rates. The difference between a 680 and a 740+ score can be anywhere from 1 point to 1.5 points difference in fee... not rate. However, in order to absorb the extra risk layering adjustment, the rate would be higher if you didn't want to pay those adjustments as "discount points". The loan to value has an effect on this as well. IF you can qualify without your wife's income, then you could be the only borrower on the loan. Your wife could still be on title and own the property however in WA, as we are a Community Property State. FHA is another alternative and there is very little difference in rates from a 660 on up. With 3.5% down required, it can still be a good option for high fico borrowers with less than 5% down payment. Overall, usually conventional loan scenarios make more sense though if a borrower has higher scores because conventional mortgage insurance is lower than the FHA mortgage insurance. (Plus, FHA mortgage insurance now stays on there for the life of the loan... "Tell them what they win, Bob! MI for LIFE!") Still, there are situations where FHA is the best way to go. Feel free to reach out if you're interested in discussing more on your situation. As you can see, there's a few moving parts, but we strive to get you the best possible scenario available. (Oh, and we haven't discussed some other potential loan programs as well... ;)

Dec 12th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,915 contributions

Interest Rate and Closing Costs go hand in hand. I can give you a super low interest rate, but you're closing costs will be very high. I can give super low (or no) closing costs, but your interest rate will be higher. Talk to a local mortgage broker. They can go over that with you, and together you can decide what interest rate and closing cost combination works best for you. In MN, visit www.SaintPaulMortgageBroker.com

Dec 12th 2013
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

You will have to use your wive's score of 680 lenders will use the lower of the two mid fico scores. 680 will be the bottom cusp of getting better rates and lower down payment options. If you can find a way to get her scores to 720 the options will open up.

Dec 13th 2013
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