different scores & getting approved

[Anonymous]

My boyfriend has an average score of 700, I am working on mine and hoping to have 620 in a couple months. If we go to get preapproved for a FHA loan - what exactly will they do for interest rates? Solely go off of my score, since it's the lowest? Or would the average them out?

Thanks!

[Anonymous]

The loan officer will always take the median score of your TU/EX/EQ scores of the lower person.  So in your case, the LO would take your middle score.  The nice thing about FHA is as long as you have a minimum 620, you should qualify for the same interest rates as a person with an 800 score will get.  Just get your middle score up to 620 and you should be good to go.

[Anonymous]

Are you serious??? I didn't know FHA would give the same rate to someone with 620 vs someone with 800!! Here I've been telling my boyfriend that we both need to get as high as possible (obviously we want this anyway) before we go for pre-approval because we'd get a better rate. But this isn't the case? Is there some place online I can read about this?

Thanks so much!

[WannaHouse]

Conventional loans have better rates over 720.

[Anonymous]

2plus2 - Yeah, one of the great things about FHA.  I don't have any literature handy, but it has been mentioned many times on this board and validated by several loan officers who frequent the board.  I would still suggest getting your scores as high as you can, but if you have over a 620 with no recent negative items on your report, there is no reason you shouldn't go get pre-approved as quickly as you want to.  No need to wait any longer!!

[DallasLoanGuy]

620 score gets the same interest rate as 850 score on fha loans.