Gs4 Security: Loans For Dad Credit

Wednesday 19 December 2012

Loans For Dad Credit

could a spouse’s credit score make a mortgage more expensive, it can disqualify a couple from buying a home — period, even if the other spouse has stellar credit. Why? You can thank the free love and “mortgage for all” era for this one. Current credit underwriting guidelines, the ones published AFTER the subprime mortgage crisis, state that a mortgage lender must base his or her decision (regarding whether or not to issue a mortgage and how to price it) on the spouse with the lower credit score. This means that while one spouse has an 800 credit score, if he or she applies for a mortgage with a spouse with a 600 credit score, they will probably be turned down for the loan. Underwriters no longer have the luxury of doing a real time analysis of a couple’s credit profile. It’s now all based on the good old credit score. Note that a credit report is not the same as a credit score, but you can get your report for free through AnnualCreditReport