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Can we use my higher credit score to qualify for a better rate without using my spouses?

The answer is: No. If you and your spouse are applying for a home mortgage loan, an underwriter will look at each of your three scores and select the lower middle lowest score when determining the applicable interest rate. This is universal no matter the mortgage product See below:

  • Fannie Mae (Conventional): Financing is based on the lower middle score of each borrower. For example, if borrower 1 has a 700, 720, and 730 and borrower 2 has a 680, 690 and 700 then the 690 would be the score that the interest rate is based on.
  • Freddie Mac (Conventional): Financing is based on the lower middle score of each borrower. For example, if borrower 1 has a 700, 720, and 730 and borrower 2 has a 680, 690 and 700 then the 690 would be the score that the interest rate is based on.
  • FHA: Financing is based on the lower middle score of each borrower. For example, if borrower 1 has a 700, 720, and 730 and borrower 2 has a 680, 690 and 700 then the 690 would be the score that the interest rate is based on.
  • USDA: Financing is based on the lower middle score of each borrower. For example, if borrower 1 has a 700, 720, and 730 and borrower 2 has a 680, 690 and 700 then the 690 would be the score that the interest rate is based on.
  • VA: Financing is based on the lower middle score of each borrower. For example, if borrower 1 has a 700, 720, and 730 and borrower 2 has a 680, 690 and 700 then the 690 would be the score that the interest rate is based on.

 

To learn more about specific mortgage requirements, be sure to speak with an experience mortgage broker.

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