Forgotten Your Password?

Need to Register?

Question Icon

My wife has "fair" credit but high income, so I want to include her on the loan. Do lenders take an average of mine and her FICO?

by nathan137 from Milton, New Hampshire. Mar 18th 2016 Reply


Hello the bank will use the lower of you two for credit score qualify. So if example your 750 and she is 650 they use 650 to qualify for loan and rates and programs. Thank you Robert Oliveira with Rockland Trust

Mar 18th 2016
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,797 contributions

Lending rules mandate that your loan is priced on the LOWEST MIDDLE score of ALL borrowers.. if you have a 800 and she is 610, then your loan is priced as a 610 score.. and for income to be considered, you must be on the loan.. 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

Mar 18th 2016
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Good answers already. If she has credit card debt paying balances to less than 30% of limit on each is usually an easy way to bump the score.

Mar 18th 2016
0
0
Jesse Stroup (jessestroup)
#193 ranked lender in California - 589 contributions

Mortgage lenders use the middle scores for the client, and with two borrowers are on the loan; they will use the lower of the two middle scores.

Mar 21st 2016
0
0
Subscribe to our news feed.