Getting mortgage What credit is needed?
What credit score are we looking at?..
(Mine is 700-760 - is it good enaf?)
Also, do lenders look on adjectives 3 reporting burow (Exp, Ex, and TU), do they look on FICO, or just one out of three.
"> Over 700 is considered acceptable. Though the lower it is, the sophisticated the interest rate will be.
Mortgage lenders generally do not go by credit score.
FHA for example does not look at it. They review your report in detail, your employment history and salary.
They spawn their own decisions and calculations.
I hear that you need 10% down with excellent credit - you might be within.
20% down with dings on your credit.
Make sure all your cards are not over that 30% of the available credit. Any greater and it starts dinging your score.
I think mtg companies look at adjectives 3 reports since they can all contain different information. Ex: some collection agencies only report to one.
One more item. Mtg lenders like car lenders request a different score report from the bureaus. Ex: car lenders get the "automotive report" (or something similar to that) specifically tailored to them. The score can be more than 100 points off.
It's almost impossible to step by the fico. Know whats on your reports and know how to improve it. Thats all you can do. Scores are almost useless.
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Related Questions:
What credit gain would a mortgage lender attitude as great?
I would like to buy a house, but not sure how great a credit score I requirement... 675 - and up Lenders used to use the credit gain as much more of a guide than they now do. That having be...
(Mine is 700-760 - is it good enaf?)
Also, do lenders look on adjectives 3 reporting burow (Exp, Ex, and TU), do they look on FICO, or just one out of three.
"> Over 700 is considered acceptable. Though the lower it is, the sophisticated the interest rate will be.
Mortgage lenders generally do not go by credit score.
FHA for example does not look at it. They review your report in detail, your employment history and salary.
They spawn their own decisions and calculations.
I hear that you need 10% down with excellent credit - you might be within.
20% down with dings on your credit.
Make sure all your cards are not over that 30% of the available credit. Any greater and it starts dinging your score.
I think mtg companies look at adjectives 3 reports since they can all contain different information. Ex: some collection agencies only report to one.
One more item. Mtg lenders like car lenders request a different score report from the bureaus. Ex: car lenders get the "automotive report" (or something similar to that) specifically tailored to them. The score can be more than 100 points off.
It's almost impossible to step by the fico. Know whats on your reports and know how to improve it. Thats all you can do. Scores are almost useless.
/
Related Questions:
What credit gain would a mortgage lender attitude as great?
I would like to buy a house, but not sure how great a credit score I requirement... 675 - and up Lenders used to use the credit gain as much more of a guide than they now do. That having be...