Co Applicant Pros and Cons

[Anonymous]

Hey Guys ..

I am new to the forums but have been using MyFico for a couple of months. My wife and I are looking to buy a home (we found our dream house) but my middle score is 612 (started at 479). I am hopeful to get there over the next couple of weeks ... but my question is while my score isn't the best ... my wife has a middle score around 730 ... how will I impact the interest rate (she can't get an approved loan for the amount that we are looking for ... she needs my added salary) ... ?

Thanks,

[salsa34]

FHA or conventional?  For FHA, just get your score over 620.  My understanding is that the rate is the same for FHA whether your score is 620 or 800.  Your score with help determine how much house you qualify for, but not the interest rate.  This is what our loan officer told us.

[Anonymous]

I am going through something similar.  I divorced and my mortgage is in my x and mine's name.  I am in the process of refinancing, and need additional income sice my income is not enough.  My dad is co-signing, but his score is 540.  The mortgage lender looked at his report, found errors, as well as had him pay off bad debt.  Supposely getting these items fixed will boost him to 620, thus I can get approved.  It's lamost done now, and we are going in to a 10 day quick score repair program which the mortgage lender is giving the reporting agency all of his new info so they can adjust his score.  Have a mortgage lender look at his report, and see how you hopefully help him fix his credit.