juando67
107 Posts |
 Posted - 05/11/2008 : 04:14:54 AM
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Under FHA guidelines, there is no minimum FHA score to qualify. So, for the lenders that lend in accordance with those guidelines, it really does not matter which borrower has the higher mid fico. On the other hand, if a lender has a minimum fico requirement for eligibility for the loan, it is probably quite unlikely that they will waive that requirement if one of the borrowers has a score above that minimum while the other's falls below it. To put it another way, if a lender's guidelines say "we won't lend to you unless you have a 580 score," they probably mean "we won't lend to you unless all borrowers have a 580 score," as opposed to "we won't lend to you unless at least one of the borrowers among you has a 580 score." Same goes for price adjustments.
Does that make sense? |
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