When credit score to mortgage loaners take into accound?

Deal Score0

I’m putting both my income and my fiance’s income to get a home loan. I know they check your credit score but which one to they use considering there are three of them from each of us. Do they take the lowest out off all of our scores or the highest?
sorry, take into account….

3 Comments
  1. Reply
    pink elephants
    May 2, 2011 at 2:09 am

    They use both of your scores- the middle score of each person. You will also need between 20-30% down depending on the type of property you plan on purchasing.

  2. Reply
    MiltonT
    May 2, 2011 at 2:17 am

    Most lenders use the median score. In your case they could take the lower median score of the 2 of you. If you are close it probably won’t matter.

    Since you already know your scores tell them before they pull your credit and see what their standards are. That way you don’t have a batch of credit pulls on your record.

  3. Reply
    Dan P
    May 2, 2011 at 2:19 am

    Lenders will look at the lower of the two middle scores between you and your fiance.

    In today’s market, most lenders are asking for 620.

    If only one person’s income is needed to qualify, sometimes it may be more beneficial to only have one person on title and then refinance when credit scores have improved.

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