We always get the lower score, so in this case, it's 660 - you can apply for an FHA loan that requires a minimum 620 or after looking at your Credit Report look what's putting your score down. Like, do you have a max out credit card, do you have a late payment, small things like that can bring your score lower, so discuss this with your loan officer so he or she can advice you on how to bring your score a little higher.

Always remember, it's a computer that gives out your score not a human being, so any thing that yu do that triggers your credit affects averything. I hope i answer your question.

Our problem is that a significant amount of our income is from myself. Also, we dont have any debt at all.
Does help at all??

We take the middle score for each borrower and use the LOWEST of those two scores as a basis for qualification. This can determine your rate and/or points on a conforming loan, however as previously mentioned you may want to look into an FHA loan because there wouldn't be a price adjustment for your credit score and 660 should be acceptable provided you have a relatively clean credit history

Best of luck

We take the middle score for each borrower and use the LOWEST of those two scores as a basis for qualification. This can determine your rate and/or points on a conforming loan, however as previously mentioned you may want to look into an FHA loan because there wouldn't be a price adjustment for your credit score and 660 should be acceptable provided you have a relatively clean credit history

Best of luck

Hi Antv...

As a former underwriter for Wachovia, I can tell you that the middle of the 3 scores for each of you is considered. Then for interest rate pricing and qualification purposes the lowest middle score is considered. If you have a middle score of 660 and your wife has a score of 760, your score would be used. Sometimes to allow for a better interest rate at a lower cost they will try to get the loan approved with only the buyer that has the higher score and put the other spouse on title only. If you are getting an FHA loan FHA requires that a spouses credit report is pulled even if they are not going on the loan. This is only an option for conventional financing.

Toni

You each have a score - not a joint score. It's not as simple as an average! This is actually a very good thing, as it allows each spouse can purchase property separately. A good mortgage lender will need to examine your scores, your credit history, the status of your bank and credit accounts, and your debt-to-income ratios to figure out the best strategy. Each of these factors influence your ability to obtain a loan, and different loan products have different requirements - thankfully providing more opportunities for couples in your situation.

Track down a good reference to a mortgage broker or loan officer and ask for advice. If you are not comfortable with the person you find, don't let them pull your credit! It is good for people to shop around, however, allowing multiple lenders to pull your credit will ding your reports temporarily. Find someone experienced in credit repair and have them look at YOUR credit report first. Sometimes there are relatively quick repairs that can raise your score within a couple months.

This link is for a neat little credit-repair-advice online tool to get you started:
http://www.mortgagefit.com/calculators/credit-repair.html

The husband/wife issue is explained in more detail at the website linked below.

Good luck! Don't worry, ask for advice from several sources, and tackle the issue head on!

Kim Crieger Goodwin
Crieger Goodwin Real Estate Sales

For both of you they pick the middle credit score out of the three.

They are good enough for FHA, What type of loan were you looking for?