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I have great credit, my spouse makes more money but has a lower fico. Is there a way to use his income with my credit score?

by marianne.smith827 from Lehi, Utah. Aug 8th 2016 Reply


No, you have to use both credit, but where is his. There are a lot of different programs out there

Aug 8th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,325 contributions

Much more info needed, but in general.. Yes and no.. typically, if both of you are going to be on the loan, then the interest rate is based on the LOWEST mid score of ALL borrowers.. so, unless you can qualify on your own, you will both need to be on the loan.. However, depending on the loan program you are going with, the rate might not be that different.. Also, with conventional, there is program which allows a "non-borrowing" spouses' income to be considered as a compensating factor.. so it's possible your idea might work, but this program is only for specific "low income" borrowers.. without knowing the county you are looking to buy in, your combined income and what loan amount, it's impossible for me to say.. so you should 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 8th 2016
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Scott Fix (ScottFix)
#1342 ranked lender in California - 184 contributions

William nailed it. Find a local loan professional to help you out. Go to this link for a listing of local loan professionals. http://www.yellowpages.com/lehi-ut/mortgage-lender All the best, Scott.

Aug 8th 2016
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

Marianne, typically you have to use both credit scores if both are on the loan. As William Acres suggested there might be a program that would would for you. However, the best thing to do is to call me and let me review your credit. Often there are things I can help you with to raise your score. I am in Salt Lake City. Feel free to call me at any time. Linda Miller, a Smart Loan Lady. 801.550.1222. linda@lindamillergroup.com

Aug 9th 2016
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