The answer to your question is not a short one. There are many items that a lender has to look at. One being the possibility that the one that has the 720 score apply for the loan by themselves. The 587 score is to low for a lender but a good lender can help you in figuring out what you need to do in order to get the low score up where it needs to be. The best thing you can do is to talk to a few different lenders and find one you click with. Your going to find one you like better than the other ones. If you need help in finding a lender or just have questions in general feel free in contacting me anytime. If you need a lenders name I would be more than happy to recommend the lender I always use. Call to text me at 317-430-0443. Good luck.
That's a great question and not at all uncommon. At Century 21 Scheetz we partner with some great lenders who would be happy to counsel you guys.
Feel free to give me a call or text, (317)503-0532. I would be happy to get you on the right track to owning your own home!
I work for Fischer Homes and we are the #1 custom Home builder here in Indy. Let me know what you are looking for in your new home such as bedrooms, loft, study, 3 car garage etc.... Call or text me at 317-379-1842. Enjoy the rest of your Sunday.
I spoke with a couple of lenders I work extensively with and the best option would be for the person with the 720 to secure the mortgage and then when the other score is above at least 620, then you could refinance and have both parties on the loan. If you'd like contact information to initiate this, please email me at firstname.lastname@example.org and I will provide what you need! Good luck! Thank you!
I think you need to consider smaller and more local lenders. They will shelve their loans and keep them in house.
There are many options a lender can use to help you finance a mortgage. Depending where you want to buy you can use USDA or the Next Home programs for down payment assistance in parts of central Indiana. With one of you having a good score, the loan can be based on that person's income / score only. If you need help with finding a lender let us know. We work all of the Indy Metro Area with buyers.
I would call Bob Jay with Wells Fargo. Wells Fargo can work more than likely with the higher credit score and have that as the person who is on the loan. You could be on the title but not on the mortgage. His number is Cell- 317-796-6014, email- Robert.W.Jay@wellsfargo.com. I have other lenders to recommend that are more local banks or credit unions if you want to both be on the loan. Let me know for sure and I will send you that direction.
The best thing you could do is to sit down with a small, local, mortgage banker, a company like Annie Mac or Residential Home Funding, and let them look at the entire situation. They will be able to tell you exactly what can be done, what needs to be done, and how long it will take to get it done! If you don't know a local lender, call a realtor and ask to be referred, that's what we're here for, to help!