Will they use both scores?

Asked by mrsvarnes, 19119 Fri Aug 24, 2012

My husband and I are looking to buy our first home in April 2013 when our lease is up. We just found out that we should get pre approved in January/February. My husband has good credit and I have poor credit...will they have to use both scores? Is their anything I can do to help my credit score by January/February?

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Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Sat Aug 25, 2012
Hello Mrs Varnes

The lender will look at both scores on if you both aply for the mortgage. If he can qualify for a mortgage on his own then your score will not be needed. You can be on title to the proprty but you will not be on the loan application.

There is a lot of things that you can do to improve your credit score> Howvere, everyone's situation is different. The only way to Make suggestions is to see the credit score. I would be happy to review it with you.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
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Carol Cei, Agent, Maple Glen, PA
Sat Aug 25, 2012
Hello, Mrsvarnes

When applying for a mortgage, the emphasis is put on the lowest score. Therefore, if you have weak credit, now is the time to start getting it corrected.

Fortunately, you have some other options as well. The PA Housing Finance Agency offers mortgages on a case-by-case basis and they are not credit-score driven. Therefore, you may be able to get a good rate and financing through this source. Be sure to ask your mortgage lender if they are approved to do this kind of mortgage in case you need it. Most mortgage BROKERS will NOT be in the program, but most banks are.

If your husband has sufficient income without putting you on the mortgage, then that is another option. You can still be on the deed, but just not on the mortgage. Here is a link to some First Time Buyer Information: http://www.yourtopagent.info/163360/mega/1st-time-buyer/

If you have any other questions, feel free to contact me. Good luck with everything.

Carol Cei, Realtor, ePRO
ReMax Hall of Fame
ReMax Platinum Club
Five Star Professional
ReMax Action Realty
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Jeff Carpine…, Agent, Philadelphia, PA
Fri Aug 24, 2012
Mrs Varnes,

There are more than a few important things to know and be mindful of as you enter this next phase leading up to the April plan. I'd be glad to meet you and your husband to go over all the do's, the don'ts and the how-it-all works, as a courtesy. I live in Philadelphia and work across the city.

Feel free to call or text me this weekend: 215-833-6720 is my cell. My email is below.

Have a nice weekend,

-Jeff C.

Jeff Carpineta - Realtor, Solo Real Estate Inc.
2017 Chancellor Street Phila PA 19103 http://www.solorealty.com
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Ana Barlow, Agent, Philadadelphia, PA
Fri Aug 24, 2012
There is a great deal you can do to strengthen your credit. You can start by getting a secured credit card in your name only and using it frequently and paying off on time. Do it not only for the goal of home ownership. Better credit will improve your options in all your financial endeavors.

Additionally you can start shopping at open houses for a real estate professional that you have good communication with and one that is willing to stick with you for the process, they will be able to direct you to several mortgage professionals. In terms of a mortgage lender you should choose someone sooner rather than later to work with. This mortgage professional can take a look at your credit issues and provide you with more specific actions to take that will help you as well. You need full service guidance her to get to the goal of home ownership.

Go for the relationships that make you comfortable with experienced and willing professionals. Don't think that you cannot move forward, you can. And choose the person. Not the name or the company.

Ana Barlow
The Barlow Group
Keller Williams Realty
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Patrick Fiel…, Agent, Plano, TX
Fri Aug 24, 2012
Hi Mrs. Varnes,

Indeed, both credit scores for a married couple applying for a mortgage will be used to determine eligiblity. With the right plan, you can improve your credit score each month leading up to your anticipated application for a mortgage next year.

First, you want to know your score where you are starting from by obtaining your current credit report and score. Where there are deficiencies, you want to address these:

- pay down outstanding credit (to reduce your debt to income ratio)
- do not open any new lines of credit and do not close any open, zero balance/low balance accounts
- do not make any late payments at all.
- verify the accuracy of any negative information on your credit report and dispute those items that may not be accurate or that are being reported many years after the fact.
- Pay off any charge off debt that has gone neglected, and/or establish payment plans for any current deliquencies.
- shop around for, and compare credit repair companies. Some offer assistance for as little as $50/month. Check their public ratings or ask a mortgage lender or local Realtor for a reference to a credible company to disuss their credit repair services which may help you in expediting the repair of your current rating faster than you can do on your own.

All the best on your journey!
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