Using a Co-Borrower on an Investment Property because of Low CS

[William D.]

My credit score is 667, with no major issues and my salary is $93600. From my research it does not meet the minimum 680 for an investment loan. My fiance has a 720 score but only makes $30000. Would she be able to help me get the loan needed?

[Andrew Postell]

@William D. that 680 minimum is what we call an "overlay" in the banking industry.  The minimum credit score is 620 from Fannie Mae and Freddie Mac (if you recognize those names).  But Fannie/Freddie do allow a bank to be MORE strict if they want to.  If they add an extra rule on top of the Fannie/Freddie guidelines we call it an "overlay".  Just look for a different bank.  The smaller the better in the investment world.  Good luck!