Home Buying in Gaithersburg>Question Details

Barqat, Home Buyer in Rockville, MD

Getting married and wondering the FICO impact of 2 scores to buying a condo or townhouse.

Asked by Barqat, Rockville, MD Thu Mar 14, 2013

My Fiance and I are getting married in May and we're looking for a condo or town home. Together our gross income is 136K however my credit score is below the FHA minimum of 640...however I'm working on getting it higher. Her FICO score is substantially higher, roughly 730 but she makes less than me.

I'm curious as to what can be done to take advantage of her good credit score while utilizing our combined income.

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Answers

5
Hello again Barqat,

The lower middle credit score of the 2 borrowers will be the one that is used if you are going to use both incomes to qualify.

I would recommend calling Justin McKee at Continental Credit. There are things that can be done to raise credit score by updating accounts and he is a good source to help you get those credit scores up.

Justin McKee 303 495-5936 justin@continentalcreditllc.com.

Catherine Purcell
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
Cell 202 573-6035
catherinep@fairwaymc.com

Over 25 years of Real Estate and Mortgage experience
focused on educating my clients so you can make an informed decision that best suits your needs!

MLO# 194172 FIMC NMLS# 2289
0 votes Thank Flag Link Thu Mar 14, 2013
Continue to improve your credit score. You might want to meet with a loan officer that can guide you through the process.
0 votes Thank Flag Link Thu Mar 14, 2013
Barqat,

Congrats on the wedding and looking to buy a home. The FHA minimum is much lower than that. MOST banks cut it off at 640. You have some time to get that score up which is the good news. If you both buy together any lender will take the lower of the two scores. Better news might be my bank does FHA as low as 600 and also I know how to improve your scores. Take a look at this and contact me with any questions.

http://www.examiner.com/article/lender-advice-for-first-time…

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Thu Mar 14, 2013
Hello Barqat,

Most loans will qualify you off of the lower of the 3 middle credit scores for both borrowers.

Example

1st borrower has

EquifaxL 680
Experian 720
Trans Union 690

Co borrower has

Equifax 595
Experian 620
Trans Union 600

The qualifying credit score used will be 600 since it is the lower of the 2 middle credit scores.

I will be happy to explain further. You can reach me on my cell phone: 202 573-6035 or through e-mail catherinep@fairwaymc.com

Sincerely,

Catherine Purcell
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
Cell 202 573-6035
catherinep@fairwaymc.com

Over 25 years of Real Estate and Mortgage experience
focused on educating my clients so you can make an informed decision that best suits your needs!

MLO# 194172 FIMC NMLS# 2289
0 votes Thank Flag Link Thu Mar 14, 2013
Hi Barqat,

I recommend you contact a good local lender for an assessment for your individual circumstance. They will also need to know your debt and other factors to help you formulate a strategy to buy now, or let you know what needs to be done to get you on the fast track to improving your credit. We have lenders in MD that can work with scores as low as 625 on an FHA. Since that is a National program I would think you should too. Best of luck and congrats on your marriage!
0 votes Thank Flag Link Thu Mar 14, 2013
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