Who Uses Co-borrower Scores?

[Best4U]

Enough chit-chat, time to get down to business

Often I have couples where the spouse who makes the most money has the lower scores.

Of course, Novastar will average the scores of both borrowers, but who will just use the co-borrower's score?

I received a flyer saying that Bay Rock will do it in some cases. (I'll have to contact my AE to find out what the deciding factors are.)

Who else?

[Greg]

I am no help. Sorry.

You could do stated though and take primary off but sure you know that.

Will keep you in mind on this one. Wholesale reps get an ear full every call cause I try to help people on here when I have to contact them on my deals.

[Best4U]

Usually, the scores I get with this situation aren't high enough to go stated. They need full doc to get 100%.

Oh yeah, I contacted my Bay Rock AE and he says they discontinued the program yesterday. (back to the drawing boards)

Anyone else?

[Greg]

Try making her the primary under a bank statement program. Worth a try.

[macp]

Long Beach can take the higher score if they are married also try Argent

[Greg]

Yes but they take them for the primary wage earner.

I think the stated idea would work with these 2 though. Especially Long Beach.

[Best4U]

This isn't a current issue. I've just seen it several times in the last month or so and thought I'd try to compile a short list of lenders who take that co-borrower score (down to 580) even when they make less money.

I'll call my AE's for Long Beach and Argent.

Thanks!

[macp]

I just thought of another one, try Willmington Finance

[HisHouseMortgage]

Try Option One. They will use the spouses score as long as they contribute (I Believe) at least 30% to the total household income.

Also Novastar will average all 6 scores

Hope this helps

[nopar]

southstar funding