Credit Score in 84041>Question Details

Matthew Stan…, Other/Just Looking in 84041

My wife and I are looking at getting a FHA Loan, My credit score is 694, hers is 588. Do they take the average, lowest, or highest when approving?

Asked by Matthew Stanley, 84041 Mon Aug 15, 2011

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They look at all 3 scored from all credit bureaus for the both of you, and they will throw out the lowest and average the 2 remaining for each person. If you do not need her income, they would likely not use your wife on the loan because her score is low. Find a very good and recommended lender to help you. Do not go with your basic advertising lender, but one with word of mouth recommendations for all loans.
0 votes Thank Flag Link Wed Aug 17, 2011
Erik,

That is also what I am looking for in my answer....but it seems our questioner has gone MIA for a bit.
0 votes Thank Flag Link Tue Aug 16, 2011
The only thing I see that maybe hasn't been mentioned already is that if you're only using your income to qualify for the loan, then you can be the only person on the loan and they don't need to consider your wife's score at all. She can still be added to title even if she's not on the loan.
0 votes Thank Flag Link Tue Aug 16, 2011
As everyone has stated, the mid score is the one looked at. If you need help to increase the credit scores please contact me, I can help you.
0 votes Thank Flag Link Tue Aug 16, 2011
they take the middle score of each person, but they will qualify you as a borrower and co-borrower. whomever has the lower middle score is how they will underwrite you. In order to qualify for FHA, you will need to get your wife's score up if you want to borrow together. If you can qualify without her income/assets then her score is irrelevant.
0 votes Thank Flag Link Mon Aug 15, 2011
Middle of all three bureaus, this is the score that most Mortgtagors take.
Web Reference: http://www.utahhomes.biz
0 votes Thank Flag Link Mon Aug 15, 2011
Average is the most common route. But lending laws and practises change daily.
0 votes Thank Flag Link Mon Aug 15, 2011
Each Client has three credit scores. One from each of the bureaus. We take the middle of all three bureaus and that is the score for each client. In your situation it would seem as though your wife's score is a bit low to qualify. Is this the situation you are in?
0 votes Thank Flag Link Mon Aug 15, 2011
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