Posted on: 18th Feb, 2010 07:51 am
While a so-called HomePath lender will accept composite income from a husband and wife - shouldn't they also treat the FICO scores in a like manner by averaging?
It was my understanding that HomePath allowed for a FICO score greather than 650, so if that score is not obtained by a simple average then how can it be obtained in an equitable manner since the three agencies scales differ slightly?
It was my understanding that HomePath allowed for a FICO score greather than 650, so if that score is not obtained by a simple average then how can it be obtained in an equitable manner since the three agencies scales differ slightly?
Hi CanardNoir,
With HomePath financing, it is possible to qualify for a loan with less than perfect credit. Some lenders are said to offer HomePath loan even at a credit score of 580, but only at 80% loan-to-value. If you go for loan with LTV of around 95%, your credit scores have to be somewhere around 660. However, the credit requirements do vary from one lender to another. You can check with some other lenders and see if they can offer you the loan even though your credit score is less than perfect.
With HomePath financing, it is possible to qualify for a loan with less than perfect credit. Some lenders are said to offer HomePath loan even at a credit score of 580, but only at 80% loan-to-value. If you go for loan with LTV of around 95%, your credit scores have to be somewhere around 660. However, the credit requirements do vary from one lender to another. You can check with some other lenders and see if they can offer you the loan even though your credit score is less than perfect.