Mortgage Middle Score??

[Anonymous]

My husband and I will be house hunting in the very near future. I was told that they use the middle score. How does that work with 2 people with 2 different scores for the middle score. For example if my scores are:

TU -700 

EQ- 695

EX-668

and his are:

TU-635

EQ-655

EX- 628

Which score would they use to determine which rate we would get?

[Boswd]

I do believe they use the person with the higher income.

[Anonymous]

If that is correct it would be great because my income is also higher.

[Boswd]

I'm not postive on this but I thought I heard that.  But I also believe they will use both scores to determine the type of loan and how much to be approved on.    AcidSniper, a new poster on here has first hand knowledge of the mortgage business,  hopefully he/she will chime in.

[Tuscani]

Yep.. higher for my mortgages.

[Anonymous]

Here is the down low....

If you are a prime borrower (620 Fico) with great credit history and have a co-borrower on the loan. The mortgage company will use the mid fico but the lower of the two.

Subprime borrower with a co-borrower... The mortgage company will use the main bread makers fico to do the loan if the Loan To Value is below 90%. If the LTV is above 90%... then they will use the lower of the two mid fico.

Some subprime lenders still use the main bread makers fico to do the loan. Keep in mind that a lot of subprime lenders are closing the doors!!

Good Luck 

[IsleSeat]

Question to MortgageGuy: define for us the term "prime" (you mentioned FICO 620, is that 'prime'?) and "sub-prime". Also, please note my posting on RF - Foreclosure. thnx

[Anonymous]

Well...

Prime (A paper) starts at 620 fico and up. Lenders look at everything from collections to credit card payments. You can have one 30 day late on you mortgage but no rolling lates, no repos, and must have all collections paid off. BK needs to be discharged or dismissed for 5 years and NO LATES or COLLECTION after that date. If you have lots of reserves and the BK is less then 5 years you can still get an a paper loan.

Alt-A is when your fico sucks but you meet everything else. So youre A-paper without the fico.

Subprime is when you have not so great credit. You can get a subprime loan  1 day out of BK of or 0 - 3 years out of a NOD or Foreclosure.

IsleSeat--- Hope this helps you. Feel free to email me

[Tuscani]

---

OneMortgageGuy wrote:

Well...

Prime (A paper) starts at 620 fico and up. Lenders look at everything from collections to credit card payments. You can have one 30 day late on you mortgage but no rolling lates, no repos, and must have all collections paid off. BK needs to be discharged or dismissed for 5 years and NO LATES or COLLECTION after that date. If you have lots of reserves and the BK is less then 5 years you can still get an a paper loan.

Alt-A is when your fico sucks but you meet everything else. So youre A-paper without the fico.

Subprime is when you have not so great credit. You can get a subprime loan  1 day out of BK of or 0 - 3 years out of a NOD or Foreclosure.

IsleSeat--- Hope this helps you. Feel free to email me

---

Wow.. prime is only 620 huh? That surprises me.

[Anonymous]

---

OneMortgageGuy wrote:

Here is the down low....

If you are a prime borrower (620 Fico) with great credit history and have a co-borrower on the loan. The mortgage company will use the mid fico but the lower of the two.

Subprime borrower with a co-borrower... The mortgage company will use the main bread makers fico to do the loan if the Loan To Value is below 90%. If the LTV is above 90%... then they will use the lower of the two mid fico.

Some subprime lenders still use the main bread makers fico to do the loan. Keep in mind that a lot of subprime lenders are closing the doors!!

Good Luck 

---

Hello there. I am new to this forum and until now have just been lurking but your response on this is quite interesting. I will be house-hunting with a co-borrower in a few months. My FICOs are

TU-768

EQ-764

EX-759

No late payments, no delinq etc. My income is also higher than my co-borrower whose scores are in the  650-699 range? Are you saying that they will use the 600+ scores to evaluate us? Thanks in advance for your response.