credit score for mortgage loan

[thomasdan]

hellooo everyone,

My wife and i plan to payoff our school loans. debt free by the end of this year 2013.

my question is.. my wife has a credit score of 764 and i have a score of 675.

when getting aprrove for a mortgage loan. what score do they go by? do they go by an average of both of our scores combine?

i know 675 isnt the best score.. but is it consider bad credit when it comes to house loans?


anyone with this kind of knowledge.. please reply.

[elessar78]

They'll factor both and may go with the lower score. When we applied last year my score is high— In the 90th centile, and my wife is in the mid 600s. We could qualify using only my income, so that's what we did and qualified for a 3.875% rate. You may however want to make sure that while the mortgage is in her name YOU get your name on the deed too.

It's a bit unfair because she's assumed all the risk, and in the event of a divorce you still have a stake in the house. Just don't get divorced and things will be fine.