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If one person on a loan’s credit score is below 620 can they still be on the loan? And say on person’s is in the high 700’s and the others in the 620 range, do they take the average into consideration or not? We are trying to get a first time home loan and were told by one company they can’t approve anything becuase the other two people (the one’s with the income) have scores below 620

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    Ryan M
    November 16, 2011 at 8:14 am

    A 620 score is not good enough to get a loan without a VERY significant down payment….like 40%. When you apply with someone else, they will take the LOWER score as the one they use. Why?….so they can charge a higher interest rate! So without a HUGE down payment or the other person with the 700 credit score applying by themselves….you are not going to be able to buy a home anytime in the near future.

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