Posted on: 24th Sep, 2008 07:51 pm
Is it true that when a husband and wife apply for an FHA loan, the banks only consider the FICO scores from the spouse with the lower scores?
Hi mssgraphix!
Welcome to Forums!
Consideration of the FICO score depends on the lender as well as the husband and wife. You can ask the lender to consider the FICO score which is higher. Or the spouse who has a higher score can become a co-signer so that a high FICO score will be considered and you can get loans at a better interest rates.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Consideration of the FICO score depends on the lender as well as the husband and wife. You can ask the lender to consider the FICO score which is higher. Or the spouse who has a higher score can become a co-signer so that a high FICO score will be considered and you can get loans at a better interest rates.
Feel free to ask if you have further queries.
Sussane
Hi mssgraphix!
Its solely the will of the lender as to which score he will consider. You can try and persuade the lender to consider the higher score.
Its solely the will of the lender as to which score he will consider. You can try and persuade the lender to consider the higher score.
normal procedure is that the lower of the two mid-scores is used for qualifying. both scores are definitely taken into consideration, however.
unless a lender is NOT a secondary market lender (fnma/fhlmc), a borrower will have very little standing in requesting that the higher score be used. that would be extraordinary.
and, it isn't the "will" of the lender - these things are established by the secondary market.
unless a lender is NOT a secondary market lender (fnma/fhlmc), a borrower will have very little standing in requesting that the higher score be used. that would be extraordinary.
and, it isn't the "will" of the lender - these things are established by the secondary market.
