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My wifes score is around 760, mine is around 630.. Is this bad for getting the best rates? Could there be a situation where it would be better if she applied for a mortgage in her name only but include my income in the application?

Guest

If your wife applies for mortgage on her own then she can get better rates than what you would be able to qualify for, the reason being that she has good credit score. But your income cannot be shown on the application if she is applying on her own. If you are a co-borrower then only it can be so.

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Caron · Posted: Mon Mar 26, 2007 9:12 pm Post subject: RE: Qualify for the best loan

Hi FoFo,

Welcome to our forums.

Regarding your wife's score, I should say it is a good one. Considering both of your scores, I don't think these are bad enough to qualify for a getting a good rate. But this depends upon the lender you will be working with.

Regarding your second query, I should say that it will be better if your wife applies for the mortgage while you include your income. If you earn a good sum of money, the income stated on the application will help to borrow sufficient money at an affordable rate of interest.

Considering the fact that your wife has a good credit score, she can apply as the primary borrower while you can be the co-borrower. If you apply as the co-borrower, your income and credit will be taken into account while reviewing your application.

However, if you do not wish to have your name on the loan document, you can be the cosigner while your wife will be the sole borrower. Being a cosigner, you can include your income into the application as well as the credit but then your credit score is a moderate one, so it will not help to that extent.

If you are the cosigner, you will not have to make monthly payments as a co-borrower. But once the loan goes into default, you will have to pay it off to the lender.

Feel free to come up with further queries.

Thanks,

Caron.

Guest

Fofo,

If you are looking to get the best rate, I'll suggest that you look out for a few lenders and collect information on the types of programs, and respective fees and closing costs. Then keeping in mind your day to day budget, compare the monthly payments that you will have to pay on each type of loan. Then determine how much you can save after paying on a monthly basis. This will help you to choose the best loan program that will best suit your purpose.

willisaddo · Posted: Wed Apr 25, 2007 10:55 pm Post subject:

Hello Fofo,
There are programs that would not consider credit score. What we'll look at would actually be what on the credit. Regardless on credit score you and your wife would still get the best possible interest rate. So I'd have to say it depends on the program.

Caron

Hi Will,

Is that the FHA program that you're talking about? I think they give more emphasis on the debt-to-income ratio and not the score. That may be a good choice for Fofo.

kenstampe · Posted: Thu Apr 26, 2007 12:06 pm Post subject:

The primary borrower will be the person who makes the greater monthly income. You can't just designate your wife to be the primary borrower.

As Will pointed out, there are also loan programs that don't take credit score into account. If one of these loans is appropriate for you then that solves the issue. Yes, FHA is one of those but not the only loan program with that feature.

Lastly, a 630 score is not a bad score and the interest rates you will get with both of you on the application shouldn't be much different then those where she applies by herself. If your wife doesn't earn enough to qualify by herself and needs some kind of no income program, then the rates will definitely be better with BOTH of you on the application.

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