Profile picture for Travis Penny

Travis Penny


Mortgage Specialist (11 years experience)

Purchase Loan,
Mortgage Planning,
FHA, VA, Rural 100% Financing


  • (3 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

Do both spouses need good credit to qualify for an FHA or RD mortgage?


As stated above you have to use the lowest score to qualify.  If you do not qualify with just your income, FHA allows a non-occupant co-borrower.  If you had a relative that was willing and able, you would be able to use their income and credit score to qualify.  This is an option a few of my clients have used with success.For your second question:  Mortgage Brokers find a lender for you and take a fee to do so.  This usually means that they will have a higher Interest Rate because they are compensated by YSP (Yeild Spread Premium).  A lender, or atleast a someone who is a correspondent lender is, for the most part, your best option. Click Here for an article that explains Mortgage Brokers, and Banks.Good Luck!