gregorygarver.com

[MissV]

My credit score is high - well above 750, while my husband's is below 600. It will be hard for me to qualify for the house I want with just my income, but I've heard that banks are using the middle score of the person with the lowest score. Is this true? Are there any reputable lenders that use the average of the two middle scores, or better yet, the high scores? Is it best to go through a mortgage broker to find the best option?More details - we have about 10% down for a home and I currently own a townhouse. No bankruptcies or anything like that, so no need for a FHA. We're trying to buy a home in the $750-800K range.

[godged3980]

Yes it's best to use a broker, the average broker is affiliated with dozens of lenders, some have hundreds. Generally they use the middle score, (not average, the actual middle number of the three) In other words, they use your middle score AND his middle score. If you make more money than your husband and you have the highest score it should not be a problem, your name goes on top as primary. Even with his lower score if you have over a 750 you should be fine. Get a quote and compare programs.Edit:I have no idea what by CIFYACAN is talking about. Banks lend their own money and offer only the programs they have. They sell to the same companies as brokers? What on earth does that mean? That makes absolutely no sense at all.Brokers are approved with multiple lenders, in my case over 150 and have access to all of those programs.

[BOBF]

I would use a reputable bank. Bank's sell to the same companies as mortgage brokers but have in house underwriting, called delegated underwriting and fund the loans up front. For mortgages a tri-merge credit report is pulled showing all 3 scores from the 3 reporting agencies. Depending on the lender, the lowest middle score is taken. Or, the middle score of the primary wage earner, depending on the program.

[contrarycrow]

If you have no money to put down and have to use your husband's income to qualify then I recommend looking for an FHA loan. As long as he dosn't have a bankruptcy or foreclosure within the last 2 years and a lot of recent collections then you should be fine. I'm a loan officer for a lender so if you think you can qualify then email me at bobuga81@yahoo.com and I'll see if I can help.

[Serena]

As a mortgage broker we work with serveral different lenders and can give you many more options. Some lenders including lenders approved to fund FHA mortgage loans do not require a credit score. FHA mortgages make buying a home easier and less expensive than other types of real estate mortgage Programs. Some examples include,Minimal Down Payment and Closing Costs. •Down payment less than 3% of Sales Price and 100% Financing options available•Gift for down payment and closing costs are allowed up to 6% of Sales price.•No reserves or savings required. •Easy Credit Qualifying Guidelines •No minimum FICO score or credit score requirements. •FHA will allow a home purchase 2 years after a Bankruptcy. •FHA will allow a home purchase 3 years after a Foreclosure

[AMarie1]

Feel free to contact me for your mortgage needs. In todays enviroment nothing is etched in stone anymore. I will get you in contact with a bank processor and you can decide which program can best fit your needs. Contact me and I will email you some information. It cost nothing to compare.neilpfs@yahoo.com