Mortgage Loan?

Shanelle Missy · Joined: 29 Sep 2009 Posts: 11

When my Fiance and I go for a mortgage loan will they look at both our incomes and credit score? And what are the determining factors for a loan officer to give you a loan?

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

Yes, they will look at the income and credit of all borrowers.

KristinK908 · Joined: 29 Sep 2009 Posts: 26 Location: New Jersey

You will most definitely need at least 620 Fico Scores for each of you.
If you are a few points away, the loan officer should be able to assist you with Rapid Rescores.
Thanks.
Good luck

Roger_Silvester · Joined: 29 Jun 2009 Posts: 51

A joint mortgage simply means that both applicants are responsible for repaying the loan. Couples often choose to apply for a joint mortgage in order to combine their incomes and qualify for a higher loan amount.

In a joint mortgage, each party is held equally financially liable for repayment of the loan and the payment history is applied to each party's credit history. While there are advantages to applying for a joint mortgage because of combined income and credit scores, it is important to understand how the ownership of the property is deeded.

Elmira Nancy · Joined: 13 Nov 2009 Posts: 28

The Loan officer will look at both of you if you both want to buy the house together. If only one person is buying then they look at the person who is buying. Occasionally the loan officer will only look at one person if the credit and salary are good for one person and a problem for the other person. They can do this with married or unmarried couples. The loan officer is going to look at your credit report and will estabish a number score. The higher the score the better.