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I make good $ and my credit score is around 683 I also will be putting down 25-40% my question is:

My fiance's credit score is almost 800 but she doesn't have a job, so will it help me get a better % rate if I leave her on the application and do it jointly or just do it myself? by jeff waschbusch from Algonquin, Illinois. Oct 28th 2013 Reply


They will go off your score because using your income

Oct 28th 2013
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Kelvin Waits (Kelvin)
#89 ranked lender in Illinois - 4 contributions

Hello Jeff,The borrower with the lowest middle credit score will be used. Employment has no bearing in this matter. You can still secure a great rate!!!!The fact that you are putting down a substantial down payment will help you obtain a better rate as well as avoid costly PMI insurance. Contact me if I can be of assistance.Kelvin B. WaitsVP of Mortgage Lending at Guaranteed Rate630 925-7854kelvin.waits@guaranteedrate.com

Oct 28th 2013
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Jeannie Swords (Jeannie)
#93 ranked lender in Illinois - 6 contributions

Her score will not help you. The lower score is used to qualify.

Oct 29th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

It's really up to you, unless she has additional debt that would make it more difficult to qualify you with her on the loan, there is no reason not to include her if that is what you want. Including her will not change anything, but her debts will be counted as well. With a larger downpayment your relatively low score may not affect the rate as much.

Oct 29th 2013
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

In mortgage lending, your loan will be credit score graded by the lowest of the FICO mid-scores of all applicants. In your situation, that means your FICO mid-score will be the driver. Hopefully, the 683 credit score that you reference is actually your FICO score and not just from a free website. Based on the limited information that you provided, you may want to have a discussion on the appropriate down payment relative to your financial goals and monthly cash flow. If you would like to discuss, be free to contact me as I have many clients in Chicago and the surrounding suburbs.

Oct 29th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,124 contributions

All loans rates and programs are calculated off the middle score of the lowest person. So if she has an 800 middle score and you have a 683 middle score - everything is based off 683.

Oct 29th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

lenders price your loan based on the lowest mid score of all borrowers.. adding your fiance doesn't give you any advantage.. in fact, since she has no income, could hurt you if she has debt.. the combined debt from all borrowers will be divided by the combined income.. however your score and down payment is sufficient, you should not have any issues... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 29th 2013
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Richard Woodward (RichardWoodward)
#39 ranked lender in Texas - 106 contributions

When two people are on the same application lenders will always use the middle credit score of the borrower with the lowest score. It's perfectly acceptable to leave your fiance on the application and her good credit could possibly help in the credit decision however one needs to pay special attention to the debt to income ratio. Since she has no income presuming she has debt this only becomes a burden to your debt to income ratio. If you are putting 40% down credit score is not that big of an issue in regards to the interest rate as long as your credit profile will receive a DU approval.

Oct 29th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

Your score and income will be used. Consider a 15-year mortgage, or use some of your extra down payment to "buy down" your interest rate.

Oct 29th 2013
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

The lender will use your 683 score regardless if your fiance is on the loan or not.

Oct 29th 2013
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