Posted on: 15th Jan, 2013 11:09 pm
Hello there… When applying for a mortgage, what score do they use for rate determination? My scores are across the board. EX 691, EQ 657 and TU 723. I'm expecting EQ to increase in 1-2 months when an old charge off drops off.
Hi Wandarers,
It is the middle score which will be considered by the lender while giving you a loan.
Thanks,
Jerry
It is the middle score which will be considered by the lender while giving you a loan.
Thanks,
Jerry
The lowest middle score of all borrowers is used for pricing but not necessarily for approval. Agency loans (Fannie Mae, Freddie Mac and Ginnie Mae) are underwritten by an automated underwriting system that references the credit in general and most often uses the highest score as a reference score. With your scores you shouldn't have a problem obtaining a loan from a credit standpoint.
Usually lenders take into consideration your middle score. Given your middle score of EX 691, you have high chance of getting approved for an FHA loan.
Yes, given your credit score, you have good chance of getting approved for an FHA loan. However, you will have to fulfill other criteria related to income, employment, assets etc.
Since you have good credit score, you may get approved for FHA loan. However, make sure you fulfill other criteria such as income, employment and assets in order to qualify for FHA loan.