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DC mortgage ~Husband's credit score is over 800 but wife's is 690. Should husband apply solo?

Profile picture for Ketaja
Contributions: 1
Buying house, 30 yr fixed rate mortgage, paying 20% down, total loan amount $550,000. Married couple, joint tax filers, husband's gross annual income /credit score   $140,000./810 wife's income/credit score $70,000/690.
Should they apply jointly or should husband apply solo? For best rate and quick approval?  Any other pros or cons?
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November 01 - Hawthorne
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Profile picture for Greg Darlin
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Since September 2009

Ketaja,

Like most already mentioned, if the husband can qualify on his own he should do so because they will get the best pricing and rate.  If not, the loan is still doable but there will be price adjustments to the rate.

Look over to the right of this screen.  There you will find some excellent, highly rated Lenders who have proven themselves time and time again with Zillow borrowers, except the one at the bottom.

Good Luck.
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November 02
Profile picture for smokey1999
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I agree with the other posts. The husband with the excellent credit score should be able to qualify on his own.
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November 02
HI...why is the wife's score so much lower then the husbands? We can help her with her credit.
They will get a better rate if the loan is in the husbands name only. Wife can be on title.
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November 02
Profile picture for Ken Kopper
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Ketaja, I agree with Jacqueline. As long as husband qualifies for financing in his name only that would be the quickest route  and represent the best rate/pricing options. I would suggest that you try and obtain a copy of  wife's tri-merged reports that she can work on strategy to improve the scores at her convenience for future credit related transactions.

Good luck with the purchase!
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November 02
Profile picture for loansbytracy
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Since November 2009

Husband doesn't have to go solo - it really depends on why her scores are lower if there's any derogatory issues I would say that could slow the process down if issues needed to be taken care of - if that's the case then I would say yes he could go solo to avoid any delays and possibly taking a .25 hit on the rate due to scores being under 700

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November 01
Profile picture for A Wells Fargo Lender
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If husband can qualify for the loan on his own I would absolutely have him on the loan solely for the best rate and quick close.  Husband and Wife can still be listed on the Title. 

Remember the mortgage loan is the "I owe" portion and the "I own" is title. 

: )  Best of luck!  
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November 01
 

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