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Can we use his income but my credit?

The answer is: No. If you are the borrower on a mortgage loan than it is your credit that will be used to determine the applicable interest rate. You are not able to mix and match. This is universal no matter the mortgage product. For particular questions about which credit profile you’re allowed ot use, see this FAQ (insert his/her FAQ link). See below:

  • Fannie Mae (Conventional): You must be a borrower on a loan to use the income to help qualify. The credit history for all borrowers is factored into the underwriting decision.
  • Freddie Mac (Conventional): You must be a borrower on a loan to use the income to help qualify. The credit history for all borrowers is factored into the underwriting decision.
  • FHA: You must be a borrower on a loan to use the income to help qualify. The credit history for all borrowers is factored into the underwriting decision.
  • USDA: You must be a borrower on a loan to use the income to help qualify. The credit history for all borrowers is factored into the underwriting decision.
  • VA: You must be a borrower on a loan to use the income to help qualify. The credit history for all borrowers is factored into the underwriting decision.

 

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

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