Quick question: When you apply for a mortgage jointly, is your loan based upon the higher credit score, the lower credit score, or some combination of the two? TIA
Hmmm. That blows. I recently got married to a gal that is rebuilding her credit. I've been through that process myself, and now have a pretty decent score. There's probably a pretty good sized gap between our scores. We're getting ready to apply for a mortgage. My income level is quite a bit higher than hers, but I'm not sure if I can get approved for the mortgage we're looking for without her income added into the mix. Any thoughts/wisdom?
I'm a loan officer with a national mortgage bank and we use the middle of the 3 credit scores. Also, whoever has the higher income is the primary borrower and we'll base the rate off the primary borrowers score and income. Of coarse, the co-borrower will be on the loan and their income be used, but the rate will be based on whoever has the higher income. I hope this helps. Let me know if you have any other questions.
It depends upon the program. Usually if it's full income documentation, it will be based upon the middle score for the primary wage earner. If the documentation is stated or limited, then the lowest middle score. I'm a mortgage consultant myself, and I do have one program which would take all six credit scores, average them, and use the resulting score to qualify. But that is the exception and not the norm.
OK, thanks for the info, everyone. What I take from all of this is that it basically depends upon the bank and program I pick.
