Experian?

[HanginInThere]

Is Experian normally higher or lower?  I currently have 622 Equifax and 629 TU, thinking really hard about applying for a loan in the next 3 months, as my lease is up.

I just opened an account at State Employees credit union.....would it be better to go through them (NC), considering they are a Credit Union? 

My Debt to income, with the ammt of mortgage I am thinking about, and all income that I have monthly and have had for the past year or longer is about 26% (which includes debt showed by "minimal payments" for student loans, which are in deferment). Do you think this will off set my below average credit?

I think my last late payment was approx a year ago, in which I was up to 120 days late, but approx 6 months ago was settled for less than full.  

Ideas, advice?

[medicgrrl]

SECU has a good FTHB program...100% with no PMI.  The down side is that it is a 2 year ARM.  It adjusts every 2 years vs annually which is good.  They don't sell their loans to Fannie Mae or Freddie Mac so they don't have the same restrictions as the mortgage companies.  They don't have minimum credit score requirements but look at your overall credit profile.  They will also contribute $1000 towards closing costs for FTHB's and their fees are very low.  Overall it is a good program.  Personally, I chose to go with a mortgage company who offered USDA with MCC.  I prefer the fixed rate considering rates are so low right now.  Also, from what I gathered, SECU only offers the MCC if you don't qualify for the FTHB loan, which I thought was a bit odd.  Their CSR's are very helpful and will spend as much time on the phone with you discussing your situation.  I would definitely call them to inquire.  My co-worker is getting ready to close on his loan in a few weeks.  He has been very pleased with the service so far. 

As far as your Experian score, it is really hard to say whether it will be higher or lower.  It really depends on the report vs your other reports. 

[marty56]

If it helps, I just got my EX score from a mortgage refi.  EX complained that I didnt have an CC balance reporting and I know that EX does not like high util on a CC even if total util is low.  My EX always was my middle score.  I also have a major derog which is 4+ years old . 

[HanginInThere]

I wish I had your scores!

How does interest rate work at SECU.  I know they offer a good FTHB adjustable, which is better honestly than some others i've seen.  I'm working towards 0 down (closing costs and such isn't a problem), and running random calculatrs by my credit score, derived on my credit (625), and keep getting an approx of 6.25%.  Well, no clue how that factors into SECU.  They do like 3.5% to start, although I'm sure that's the BEST they offer, so what could I expect based on I will not get the best?  How far can it go up?

i used http://www.ncsecu.org/Loans/AdjustableMortgage.html from them.

The calculators state putting me at approx a 50k house....Im including about 1500 for taxes on a 150k house, about 500 for insurance, no pmi, due to the program don't really appaear to need one, and then a debt of 597 for both cars, and total income about 50k.  Anyone have an idea (just a somewhat gues, or maybe someone is close to me, of how much I can expect for the mortgage to be?  (ohh yeah, 0% down).