Why are credit scores so important to mortgage lenders, you ask? Well, they use credit score(s) to measure your payment default risk, coupled with things like down payment, income, assets, and property type. While credit scores aren’t perfect, and were even partially blamed for the most recent mortgage crisis, they do tell lenders a lot about.
Credit Score Ranges. How do you know what a good score is and what a bad score is? Well, that’s sort of a gray area since different scores are calculated in different ways; different creditors use different scores, and no one knows exactly how they are calculated since those formulas are proprietary to the companies using them.
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It’s watching how your credit. the factors they use, so we often don’t really know exactly what it takes to hit it out of the park where a credit score is concerned. If I may torture the baseball.
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· You can request copies of your credit report from each of the three credit reporting agencies for free at annualcreditreport.com, but they won’t be the merged report. As it pertains to the multiple credit scores pulled by the mortgage lender, they normally use the numeric middle number from which to base their decision.
What Do Mortgage Lenders Look For on My Credit Reports? February 22, 2017 | by Kimberly Rotter Mortgage lenders look at your total financial picture, including your credit health and many other factors, when deciding if you should be granted a mortgage (as well as what terms and conditions will come with it, if you’re approved).
As you can see, there are some differences but most industry references to the FICO Score versions commonly used in mortgage lending will have the appropriate version 5, 2 and 4 version number to the corresponding credit bureau listed. hope this provide some clarity.
A credit score (also called a FICO Score, so named for the company that provides the score used by most lenders) helps lenders determine their risk in lending you money. Your history of paying bills on time and your monthly debts determine your credit score, which can range from 300 (lowest) to 850 (highest).
Credit Requirements for fha loans good credit History Makes it Easier to Qualify. FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments. While this is a benefit for many people, recent changes in policy may have put the loans just.
fha loan minimum amount A HUD FHA Loan is available all areas of the country, provided a market exists for the property and the home meets HUD’s minimum property standards and the price is below the maximum fha loan amount for that area.