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VA Refinance Question

I want to pull cash out and refinance my VA loan in the amount of $385,000 and add my wife onto the loan, however her credit score falls into the "fair" category. Will this affect the interest rate? by dennis.harper55573 from Willimantic, Connecticut. Sep 1st 2015 Reply


Richard Airey (richardairey)
#3 ranked lender in Maine - 662 contributions

Generally speaking, no. If she qualifies for VA financing then the rate is the rate. There are some lenders with overlays which may charge a slightly higher rate based on FICO scores. I would shop around. Unfortunately I'm only licensed in Maine. Hope this helps.

Sep 1st 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

Most definitely yes.. Lenders price loans based on the lowest mid score of ALL borrowers.. If you have a high score and her's is lower,then effectively, your loan interest rate will be based on her score. That being said, FHA & VA financing typically have small pricing adjustments for good borrowers vs. not so good borrowers.. so if there is a difference, it shouldn't be much.. 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

Sep 1st 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

You could see a difference in rate by adding your wife. Each lender will have different price adjusters for credit scores. Depending on where "fair" falls on the spectrum you will or wont see a difference in rate.

Sep 1st 2015
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