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Applying jointly for mortgage - who's credit score?

My fiancé and I each make around $70k/year and have almost no debt. My credit score is around 610 but hers is 715. We are trying to apply for a $250k mortgage but are unsure about the best way to apply. I have gotten mixed answers on who's credit score will be used. I've heard the middle of the lower score will be used and I've also heard the score of the person with the higher income will be used. Can someone please clarify and make a recommendation on the best way for us to get approved? FYI - she cannot qualify on her own. She has only been at her current salary for the past 6 months.
  • November 05 2013 - Orlando
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Answers (13)

The middle score of both will be used.
  • November 06 2013
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While both credit reports will be looked at heavily, it will ultimately boil down to whoever has the lowest middle credit score for mortgage qualifying purposes.

I hope this helps, best of luck to you!
  • November 06 2013
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Both of your credit scores will be looked at, specifically both of your middle scores will be reviewed. It seems that you should definitely be on the mortgage together because she has the credit but not the work history, and you have the work history but not the best credit. Although your score is a little low, it is still acceptable. There are lenders like myself that are able to do loans with scores as low as 580. So since you are above this, you should be fine. Either way, I recommend that you speak with a lender like myself. We would be glad to speak with you to help you get the loan that you need. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
  • November 06 2013
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Middle score of lowest credit will be used. At 610 middle it will be in your best interest to see if she can qualify on her credit alone. At Great Plains Bank Mortgage we have no application fees, so it cost you nothing to see what you can do. Get in touch if you would like to see.
  • November 06 2013
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Hello
It will be the lower midddle score , of the two, if you apply jointly.
You may want to see if if you can just apply in your wife's name only if her score is higher (715) .
We use what her current salary is , not the past salary, As long as she has been mostly employed continuously for the past two years, then her current salary will be used to qualify

Pls call me and I can go over your scenario. I am a Mortgage Loan Specialist and I have been in this business for over 13 yrs

Thanks

 

Tom Bawany | Mortgage Loan Originator | NMLS #519971
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  • November 06 2013
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The credit score used is the lowest person's middle credit score. Lenders go off of the lower borrower. If you need help raising the credit score up to 640, let me know as I am a senior banker with lots of credit experience!

Kris
  • November 06 2013
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Profile picture for GMerino
@user68572469,

Not sure why they would be averaging the income over two years.  Your fiancé should be able to use the income of the new promotion.  It is tough to give you a recommendation based upon a few questions answered.

You really need to have some questions asked of you and learn what is going on.
  • November 05 2013
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The middle scores of both buyers will be the scores used.  A score of 610 will limit you on most programs.

If she was promoted to a salaried position of $70,000 than you should be able to use that income.  Qualifiying under her name will also depend on the amount of debt that she has.  This may be the reason your lender is saying that she does not qualify by herself.

  • November 05 2013
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Hello User68572469,

You would use the lowest middle score of both borrowers.  With a work history of over six months you should be able to use her full 70K assuming it is salary and not an hourly rate of pay.  We even have a program that would allow you on the loan with your current score going with FHA financing.  If you have any questions please don't hesitate to click on my name above and contact me directly.

Kind Regards,

Al Norman
Branch Manager
PRMI - Orlando/Casselberry, FL   
  • November 05 2013
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Hello,

If you both are on the application then you would go off the middle score of the lower scored borrower. I don't see why she wouldn't qualify on her own...6 months of employment with a "salary" is income that can be used. We look for two year history...but that does not mean two years of employment. General rule of thumb is out of work for over 6 months, must be back to work for 6 months. I would be happy to assist you. Please feel free to contact me.
  • November 05 2013
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Profile picture for user68572469
I have a few collection accounts from 3-4 years ago. She does not qualify on her own because when her income is averaged over the past 2 years it is only 35k. She was promoted into a new position 6 months ago and she's now making 70k. I also make 70k. Both of us have steady work history.
  • November 05 2013
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Profile picture for GMerino
What is affecting your score of being 610?  Your fiancé does not qualify on her own because of her  income or because she has not had two year steady employment?  Please elaborate . . .
  • November 05 2013
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Profile picture for wetdawgs
The credit score that carries the weight is the middle of the three credit scores for the party  with the lowest scores. 

If the two of you don't yet qualify, why not put together an action plan to get your credit scores up to > 640 and then work the plan.    You may be able to find a lender who will provide a loan at 610, but is will be easier if your scores were higher.
  • November 05 2013
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