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Hello!

I know that you need to have (the middle) credit score of at least 620. But here's my question, my boyfriend has a score of over 680 and mine is 618. Can we both get approved for an FHA loan? We're only looking to borrow 60,000 but I would like both of us to be on the loan.

Thanks!

eric1 · Posted: Thu Jun 18, 2009 5:37 pm Post subject:

Kate, the banks go with the lowest middle score. So, of your middle is 618, then that is the score that will be used. In this situation, your boyfriend should be the only one on the loan. Not sure why you insist on being on the loan. It is better for you NOT to be. You can still be on the deed which gives you ownership rights.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi kate,

Welcome to our forum.

I would like to advice you that, if you have 618 Credit score & your friend have 680. it will be not possible bank will put your name on loan. Your friend only will be on the loan.

If you have 618 score. Try to get 2 more points to qualify pay your some bill & do other some transaction to get 2 points for reach to 620. Then you will be qualify for the loan.

Thanks & Regards.

gunz.ijjistaff.
Laughing

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

Kate you can be on the loan. there are lenders that will go below 620 for FHA loans, you may pay a risk adjustment to be added on the loan but if thats your desire it can happen. Also maybe you want to consider just putting your name on the title of the house so that you still get a competitive rate. The adjustment for the credit score should cost you artound %1 of the loan. good luck

gmakerley · Posted: Fri Jun 19, 2009 9:52 am Post subject:

wow...if 1% is the penalty for 618, then it's worth it to wait until the score is 620. our penalty for a score of 620 is only .25%, so that's substantially lower. one payment on a credit card or another month's seasoning ought to be sufficient to bump the score.

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