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Authorized User Question with FHA

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Authorized User Question with FHA

The mortgage guy here in Florida told me that any AU accounts will be removed from scoring when the loan process starts. From what I have read, FHA DOES take AU into account when scoring. I am wondering this because it makes a world of difference on our mortgage plans..Anyone have any personal experiences with being an AU and counting with FHA?


Starting Score: myFico Scores Equifax 544 Transunion 585
Current Score: myFico Scores Equifax 655 Transunion 663 Experian 645
Goal Score: 700 Across the board


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New Contributor

Re: Authorized User Question with FHA

I don't know the answer, but have the same question. I have read mixed reports...some say the AU accounts will count as long as the account owner is also on the mortgage (like a spouse). Others say they always count, some say never. Like I said, I don't know the answer either....LOL.

Message 2 of 4
Established Member

Re: Authorized User Question with FHA

I'm not sure what the law states in FL, but I was in the exact same position here in TX.  List of items that were asked for after AUW stated I would have to be removed as auth user on some credit card accounts (5)  with my wife that were reporting to EQ.  When the loan officer called to discuss, she explained because TX is a community property state, I could actually remain on the accounts and having them reported to the credit bureaus would not be an issue.  May be worth investigating if this is the case in FL.

Message 3 of 4
Senior Contributor

Re: Authorized User Question with FHA

Unfortunately, I don't know the answer to your question, but one thing it is important to remember is that FHA requirements are not coextensive with lender requirements.  So this lender could decide not to consider AU accounts even if FHA does not have such a requirement.  Similarly, some lenders have reserve requirements even though FHA does not.  These are called lender overlays.

 

Perhaps contact a few other lenders in your area and ask them whether they remove AU accounts from scoring?


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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