any loan officers out there? who ignores coborrower score but uses income AND has low disposable inc requireme

Question

mid score 579, 90% purchase coborrower has no score, plus they have tons of collections and only 2 old tradelines, first time homebuyer

Answer 1

Generally, the lender will use the score of the highest income (wage earner). So if you need the co-borrower's income to qualify for the payment ratio, then you may be SOL. You may not want to buy a home with poor credit, especially if you both have poor credit. Maybe wait until the co-borrower has established better credit history.

By the way, there is no way that the co-borrower has no credit score. If they have collections, then they have a credit score - it may be a bad one, but they have one. They are lying if they say they dont have one. You should get a look at it yourself, then determine if you want to proceed with tying yourself with this person for a major debt like a home loan. I assume you are not married to this other person. If you are planning on marrying this person, think twice.

Answer 2

As the first answer said, the only possible way to have no score is to have an empty credit report. No lender will ignore the score of anyone legally obligated to pay the loan.