Reply
Contributor
cinoeye
Posts: 132
Registered: ‎05-02-2007
0

Joint morgage-what score do they look?

[ Edited ]
Since wife and I want to applay for morgage loan, what scores are they gona look?
 
Is there an option for morgage to be only on me, since I'm in upper 600 and she is lower 600's with some bad things on her CR?
 
She is also maiking more money them me.
 
The only anvantage is if we do it toghether we will have better debt to income ratio.
 
Thank you!


Message Edited by cinoeye on 06-19-2007 03:03 PM
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Joint morgage-what score do they look?

Generally all three for a mortgage.
Contributor
cinoeye
Posts: 132
Registered: ‎05-02-2007
0

Re: Joint morgage-what score do they look?

[ Edited ]
Thank you!
:smileywink:


Message Edited by cinoeye on 06-19-2007 05:35 PM
New Contributor
Sillygirl
Posts: 60
Registered: ‎05-30-2007
0

Re: Joint morgage-what score do they look?

My husband and I are shopping for a loan too and the broker I spoke with said that the higher income earner's scores will be viewed more heavily. THey will still looks at all three CRAs.
Contributor
cinoeye
Posts: 132
Registered: ‎05-02-2007
0

Re: Joint morgage-what score do they look?

That's where the problem is.
She is making more money, but my scores are upper 600's and one above 700, while she is lower 600's.
 
WHat do do in this case?
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Joint morgage-what score do they look?

How much time do you have?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
New Contributor
Sillygirl
Posts: 60
Registered: ‎05-30-2007
0

Re: Joint morgage-what score do they look?

Our broker suggested that, if one of us were hourly, that person could temporarily cut back their hours to decrease their income.  I don't know if that will owrk in your situation, but one possibility.
 
Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007
0

Re: Joint morgage-what score do they look?



Sillygirl wrote:
Our broker suggested that, if one of us were hourly, that person could temporarily cut back their hours to decrease their income.  I don't know if that will owrk in your situation, but one possibility.
 


Why would you want to decrease your income?
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
New Contributor
Sillygirl
Posts: 60
Registered: ‎05-30-2007
0

Re: Joint morgage-what score do they look?

Our incomes are very close to each other, so the impact was not going to be as great.
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Joint morgage-what score do they look?

[ Edited ]
But it will reduce the amount they will loan you, and increase the debt to income ratio


Message Edited by MidnightVoice on 06-20-2007 01:23 PM
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}