In regards to a USDA Rural Development Loan
Is it possible to have more than say a husband and wife on such a loan? Could adding an adult child to the loan be a possible option? In this there would be three credit scores to average out, as well as three incomes.
Answers (1)
FIRST ANSWER
Yes, you can add borrowers to a traditional credit application. Lenders are generally qualifying off of the middle of the three credit scores for all borrowers. So if applicant 1, 2, and 3 have middle scores of 680, 780, and 640 repectively - a lender will be using the lowest score of 640 for credit underwriting. Keep in mind that USDA has income limits and you can be disqualified by having too much household income.
Web Reference: http://www.desmoinesiamortgage.com
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