Knowing how your credit score affects the home buying process by those who are seeking a mortgage makes it imperative that one finds out her credit score early-on. Your FICO score plays an important part in the home buying process and in determining the interest rate that a lender offers.
Generally speaking, the credit bureaus consider any score over 650 to be a "good" credit score. Credit scores calculated using the FICO score or VantageScore 3.0 scoring models range from 300 to 850. For FICO scores, a good credit score is 670 to 739 with a higher score being very good or excellent.
Lenders qualify you based on your "middle" credit score. If your scores are 720, 740, and 750, the lender will use 740 as your FICO. If your scores are 630, 690, and 690, the lender will use.
What kind of credit score will get me a good mortgage rate. – The most lenient program credit score wise is FHA, you’ll get a great rate there with scores of 640 (perhaps a touch lower)but have to pay substantial costs to HUD. As far as co-borrowers go, lenders.
Which FICO Scores Do Mortgage Lenders Use? – With dozens of variations of fico credit scores, which FICO scores do mortgage lenders use? We have the answer, along with how to check your credit score.
713 Credit Score: Is it Good or Bad? – experian.com – Additionally, because a 713 FICO Score is on the lower end of the Good range, you’ll probably want to manage your score carefully to prevent dropping into the more restrictive fair credit score range (580 to 669).
Mortgage lenders pull credit reports from all three bureaus, Equifax, Experian and TransUnion. Then they compare the 3 credit scores. For instance, I had a client who was buying a four-unit, he had a 580 with TransUnion, a 622 with Equifax and a 634 with Experian, thus the score in the middle was 622.
Middle FICOScore – myFICO Forums – 5470645 – To determine the middle score: If your scores are, say 700, 720, 695. your middle score is 700. If your scores are, say 720, 780, 735. your middle score is 735. If your scores are, say 650, 715, 720. your middle score is 715. In other words, put them in numeric order, and pick the middle one.
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