Should I just use my spouse credit for Mortgage Loan?

Sedanbmw — Thu, 29 Sep 2016 19:50:28 GMT

Hi everyone,

My wife and i are looking to apply for a 350k mortgage loan next spring in GA, Combined our yearly income is 200K, her being 130K and mine 70K, Her credit score is in the 800s and mine in the low 700s, the only credit blance she owes is 9k for her car and school loans about 900/month, no CC debt. As for me i do have some balances and about 40% cc utilization.

My question is, is it possible for her to apply for a loan herself using her credit score, and if so do you think her debt to income ration would qualify for a good rate? We do have a downpayment of 80k

Thanks everyone

Re: Should I just use my spouse credit for Mortgage Loan?

CaliforniaLoaner — Thu, 29 Sep 2016 18:01:47 GMT

Mortgage pricing works off of risk factors. Since you have such a large down payment, your credit score does not matter as much. Everywhere I have seen for that loan amount, a 700 score would get the same as an 850 as long as it's less than 60% loan to value. If it ends up being over 60% loan to value and using a 700 score, there would adjustments to the rate.

It also doesn't sound like though your wife will have a problem qualifying on her own though either, so it's your choice.

topic Should I just use my spouse credit for Mortgage Loan? in Mortgage Loans

Should I just use my spouse credit for Mortgage Loan?

Re: Should I just use my spouse credit for Mortgage Loan?