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Combining scores?Combining scores?
FICOhater said: "Hello everyone! I'm new to this forum, but I've been working on cleaning my credit for about a year now. I got it from 489 up to 610, which is okay progress, but lately it's been very slow. Anyway, my fiancee's score is 750, and he makes 40K a year and has $350 a month in payments, my score is 610 and I make 51K a year and only have $275 a month in payments and we want a 250K loan. According to the "how much home can you afford?" thingies, we can afford more, but that just seems like a terrible idea to me!!
Anyway, my question is this: do they average our scores together when determining our rate? Is there any way for me to get them to look at his score but add my income or will they have to consider my score? Would it be different if we were married? We're currently renting and the situation of constantly climbing rent is getting old!
Thanks!
:confused:"
kevin said: "It honestly depends which lenders you are looking at. Most lenders will take the middle score from both, some take the averages of either the borrower's 3 scores, or all 6 scores from both the borrower and co-borrower. In your case, you should have no problem in using just your husband's credit scores. That way you'll be able to get a better rate. For a full doc loan/stated income loan you're probably looking around 6.25-6.75%, depending on what type of program you choose. Since you are purchasing a home, I would suggest an interest only loan, just so that the payments are affordable and that you can build equity at the same time."