Mortgage Loans

[Sweetbhunny]

I have a question.  My husband and I are in the beginning process of buying a home.  My husband makes about $5,000 more than me a year and his FICO is 748.  My FICO right now is 641 but we are trying to get a late payment report error corrected on my reports that should help raise my score since it is the only bad thing I have on there for the past 4 years.  So far the type of loans we are looking at use my FICO for establishing the mortgage rate.  I don't understand why this is so, since I thought they use the FICO from the person that makes the most $$$? 

[MidnightVoice]

Try:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17531

I think it might help clarify

[flyers]

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Sweetbhunny wrote:

I have a question.  My husband and I are in the beginning process of buying a home.  My husband makes about $5,000 more than me a year and his FICO is 748.  My FICO right now is 641 but we are trying to get a late payment report error corrected on my reports that should help raise my score since it is the only bad thing I have on there for the past 4 years.  So far the type of loans we are looking at use my FICO for establishing the mortgage rate.  I don't understand why this is so, since I thought they use the FICO from the person that makes the most $$$? 

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What are some of the loan programs that are using your score?   That situation would help me since my wife has the higher scores but less pay.

[OneMortgageGuy]

It sound like to me your a prime borrower and thats a great thing! Going prime lenders will use the lower mid fico of the two borrowers. $$$$ on comes in when its a subprime loan.

Hope this helps and good luck!

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Sweetbhunny wrote:

I have a question.  My husband and I are in the beginning process of buying a home.  My husband makes about $5,000 more than me a year and his FICO is 748.  My FICO right now is 641 but we are trying to get a late payment report error corrected on my reports that should help raise my score since it is the only bad thing I have on there for the past 4 years.  So far the type of loans we are looking at use my FICO for establishing the mortgage rate.  I don't understand why this is so, since I thought they use the FICO from the person that makes the most $$$? 

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[OneMortgageGuy]

I like that link too!!

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MidnightVoice wrote:

Try:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17531

I think it might help clarify

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[MidnightVoice]

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OneMortgageGuy wrote:

I like that link too!!

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MidnightVoice wrote:

Try:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17531

I think it might help clarify

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I like to give credit where credit is due  

Message Edited by MidnightVoice on 07-21-2007 02:24 PM