Do lenders take high, middle, low FICO?
Also is my husband's credit going to screw us? His low score is 665. Mine is above 720. Hoping we can do conventional with these numbers but worried. by jenwaynerd78463324 from Hawthorne, New Jersey. Nov 3rd 2014
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
Lenders use the lower middle score of the wage-earning borrowers.
Timothy Ray (tray@rtnfinancial.com)
#80 ranked lender in New Jersey - 14 contributions
Lender's look at the middle score...when there is more than one borrower, the lower middle score is the one used.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Lenders price loans based on the lowest mid score of all borrowers.. Effectively, your 720 score is reduced to 665 for loan pricing purposes.. and yes.. you would still be eligible for a conventional loan with a 665 low score.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Carlos Figueira (carlosfigueira)
#107 ranked lender in New Jersey - 199 contributions
Just like others have mentioned..... the lowest of the mid score would be used. Your husbands 665 is still great and you will not have a problem securing a very low rate. Please e-mail me carlos@keypointmtg.com or call me with any questions as I am local (offices in Woodland Park, North Arlington and Summit, NJ)
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