With Specialty Lenders Group Blended Credit Score Mortgage 
you can average your credit scores with a result that may
save your transaction. Here’s how we do it.

Let’s assume that Dave and Marsha are married. After a year of home shopping they’ve found  a stunning place in San Diego, with lush landscaping and tranquil views to Coronado. Marsha absolutely loves it!! If they can just get this home, oh gosh, everything will be perfect. They’ve applied for a $725,000 Conventional Mortgage at Big State Bank. 

To obtain Conventional Financing each borrower must have a minimum credit score of 620. To select the qualifying score the loan officer must take the lower of the two middle scores. When the loan officer pulled their credit report these were the scores:

Marsha: 739 | 750 | 765 – Experian | TransUnion | Equifax
Dave:    608 | 612 | 633 – Experian | TransUnion | Equifax

Marsha’s middle score is 750, and Dave’s middle score is 612. As such, Dave’s middle score of 612 would be the qualifying score for their loan application. Since Fannie Mae’s Underwriting Guidelines require each borrower to have a minimum mid-score of 620 (when three scores are available for each borrower), Dave and Marsha’s loan application was Declined by BSB. What a bummer!   

There was intense weeping and gnashing of teeth!! Skylar (their Chihuahua) was despondent and ran away (ironic — separation anxiety — rather be stressed, but have more room). Dave rent himself in sackcloth and ashes. Marsha and her mom Ruthie drank Alize and listened to Colin James Hay (“Everybody Is Looking For Jack,” bottom line, Jack was also looking for Jack — that’s why they couldn’t find him).

In the end a co-worker gave Marsha a Specialty Lenders Group Business card and told her to call us. Once we consulted with Marsha we knew the problem. Big State Bank did not have a product that would allow them to average Dave and Marsha’s middle scores. So we took Marsha’s mid score of 750 and Dave’s mid score of 612, calculated the total of 1,362, then divided by 2.
1,362 / 2 = 681.

With the 681 averaged middle score we exceeded the minimum requirement of 620 by 61 points.

That’s the potential of SLGs Blended Credit Score Mortgage.