First Time Buyer

0.10 Dollars($)

yeah, i understand how individual scores work. i was just wondering since my wife's score is quite a bit higher than my own if it would be weighed more heavily. or, since i am the primary wage earner mine would. or if they would just average it out.

skedastik · Joined: 25 Jun 2007 Posts: 6 3.76 Dollars($)

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miller_st · Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)

Skedastik, as you will be the primary borrower on the loan your credit profile is what will be more important for a lender to evaluate.

Miller

Caron · Posted: Wed Jun 27, 2007 5:21 am Post subject: RE: first time buyer options

Hi Skedastik,

Your wife's credit score is no doubt better than yours but then you do have a decent score. The lender will not consider the average of the scores. But he will take a look at both of your scores provided both of you have your names on the loan. In case, you are the primary borrower, the lender will give more weightage to your score as well as income. And, don't you worry - there are loans such as conforming loans which do not consider your score as the primary factor.

In case you wish to know about the options that you can look forward to as a first time buyer, you may refer to a previous discussion on First time buyer loan options.

Good luck!

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