Refinancing as a joint couple question

You would typically need a 620 minimum score to obtain conventional financing, and a 580 for FHA financing. The lender uses the middle score but the lower of the middle of both borrowers. So if your middle score is higher, and you can substantiate the loan without using her income, you will likely save a lot of money on the increased interest rate for her lower score. Best of luck!Maureen MartinJMJ FinancialMMartin@JMJFinancial.com

In my opinion you would want to exclude her in refinancing the home. Your interest rate is going to be based on the lower "Mid Score" between the the Borrowers. Since hers is considerably lower than your, you would unfortunately receive a higher rate. The other thing to consider is whether or not you can qualify for the home without utilizing her income. Best of Luck!

HI glenngystad310, If you have some time, give me a call and I can walk you through the numbers and the benefit of conventional/FHA loans and whether using your wife makes sense or not. I can be reached on my page. Thanks!

To answer that question we need to know your middle credit score and whether or not you need her income to qualify.

If you need her income to qualify, you have no choice. Do you? The low middle-FICO for the 2 of you is used. I have done many loans where 1 spouse had sufficient income to qualify for the loan, and the addition of the other, with a lower mid-FICO, would have either increased the interest rate and/or cost of the loan, or disqualified my clients altogether. If your wife's income isn't necessary, and you FICO score is reasonably good, do the loan without her. She can still be on title. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to discuss your situation with you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 46 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.