How do they determine your mortgage rate if you get a house with a friend? Do they average credit scores?

How do they determine your mortgage rate if you are getting a house with a friend not a husband? Do they average both of your credit scores?

Public Comments

1. Its' based on the primary wage earners credit score.
2. Most the time it is the middle credit score of the bread winner, But some banks are now going off the lower of the 2 middle score. And there are about 3 banks that have programs that will take the highest score. It is all up to what program, and bank you get.
3. you would be considered unmarried co-borrowers. It is qualified off of the primary wage earners middle FICO. assuming that you are both going to live there. If not, it will be qualified off of the owner occupying the property.
4. It depends on the doc type. If you do a Full Doc loan, then it is the middle score of the three provided by the credit agencies of the primary wage earner. However, if you do a lite doc (Stated, No Ratio, etc.), then it will most likely be the lower of the two borrower's middle scores provided by the three credit agencies.