Home Buying in Los Angeles>Question Details

Keisha, Other/Just Looking in Los Angeles, CA

Will it be hard for a couple to recieve a mortgage loan if one has a credit score of 730 and the other is 530?

Asked by Keisha, Los Angeles, CA Sun Feb 15, 2009

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Hi Keisha,

Have you thought about repairing your credit score before purchasing a house? That would probably get you the best deal in the long run. It might be a bit of a hassle initially, but you will inevitably save lots of money by getting a better loan and rate, plus you will qualify for a nicer house with 2 incomes.
1 vote Thank Flag Link Mon Feb 16, 2009
Best have a lender review all particulars for both files then determine without reviewing all facts a comment could impede your success to purchase a home.

Lender could approve 730 score however YOU might require 2 incomes qualify purchase a home of your preference.

IF you are turned down for loan work on increasing other party credit score where you can qualify. If denied credit best not keep applying till other score increases. Each time you apply for loan it lowers your credit score.
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Sun Feb 15, 2009
It all depends on the income.asset situation. Sit down with a mortgage broker and discuss your options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Mon Feb 16, 2009
Keisha, We use the lowest middle score of all the borrowers to qualify borrowers. A 530 score will create a big problem. If the party with the 730 score can qualify on his/her own, that will be your best option. Our FHA program stops at a 580 score. I've been told by collegues that their banks might have lower limits, but the cost in points goes up dramatically, and I have yet to see someone under 550 get approved elsewhere.

I also stress that we use the middle score. There are 3 bureaus, each with a score that is probably a bit different. Often when people tell me their scores they're referring to the highest one. Good luck with your loan.

Carol Neu
PMAC Lending
Chino Hills, CA
Web Reference: http://www.CarolNeu.com
0 votes Thank Flag Link Mon Feb 16, 2009
Keisha,

We would agree with the concensus...........

The best thing to do is meet with a loan specialist to find out what your options are. They will be able to provide you with accurate information and possibly pre-approve you for financing.
0 votes Thank Flag Link Sun Feb 15, 2009
It could be a problem if both are included. Between the two of you there are six credit scores, by stating only two we do not have enogh info. If the lower of you has a mid score of 580 I can get you a loan. You have to apply to finfd out because there is a lot more into it.

There might also be some thing you could do to inprove your credit, fifty points will take a little time though.

You could also try to qualify with just one person but then you would only be able to use one persons income.

Interview a few Mortgage brokers and see who will help you. NOT just take your application and do it if its easy I get a lot of my clients by Brokers that did not want to do the work..
0 votes Thank Flag Link Sun Feb 15, 2009
Hi Keisha,
The lender usually takes the average credit of both of you. Unless you take the loan under your name only with the credit scor of 730. Talk to your lender about it, they'll be best to advice you.

Tova Sarir
Keller Williams Realty
homes@tovasarir.com
310-497-1930
Web Reference: http://www.tovasarir.com
0 votes Thank Flag Link Sun Feb 15, 2009
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