Is it better to walk solo on a mortgage if my credit is better than my fiance's?
We want to buy a house this summer and have 5% saved for a down fee. I have a credit score of 714/716/746 depending on the institution you ask, and he have a credit score of 680 with some ancient and resolved collections issues on his report. If we both sign the mortgage, will his lower chalk up increase our interest rate, or does my higher score trump his? Can we expect a dutiful rate (i.e. 5% or lower) regardless and I'm just worrying too much?
Answers:
It depends on which loan program you want to use. If you go next to an FHA loan his score will not have any attitude on the rate. If you go conventional then his gain will have an impact on not only the rate but also the private mortgage insurance.
Right very soon with his score you would be looking at 5%+/- on a 30 year fixed FHA. Source(s): I'm a mortgage banker/broker
Can you qualify on only your income? If you go solo, the lender will only consider your income (not his) contained by qualifying for the loan.
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Answers:
It depends on which loan program you want to use. If you go next to an FHA loan his score will not have any attitude on the rate. If you go conventional then his gain will have an impact on not only the rate but also the private mortgage insurance.
Right very soon with his score you would be looking at 5%+/- on a 30 year fixed FHA. Source(s): I'm a mortgage banker/broker
Can you qualify on only your income? If you go solo, the lender will only consider your income (not his) contained by qualifying for the loan.
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