@Anonymous wrote:
Good evening,
I found a home Im interesed in purchasing. Ive been trying to clean up my credit. My fico 8 scores are low 600s my mortgage score hover at 670-680.
I showed my most recent fico report to two differnt mortgage lenders. Stating i didnt want a credit check unless they were very optimistic, I have been working on my credit for well over a year. I just sold and settled on my home of 25 years (Which I was never late on a payment). Mortgage payoff dropped my fico 8 approx 30 points across the board. I have zero debt, make over 100,000 and will be putting 40 to 50 % down. They dont seem to optimistic. They are looking at my fico 8..They seemed like they didnt know about the different scoring systems fico uses. Which scoring system do mortgages lenders actually use? Could it be the men that claimed to have worked in mortgage lending for years doesnt understand the different scores fico offers? SO CONFUSED
Find another lender. If they don't know the difference between mortgage scores and FICO 8s they aren't loan officers - they are application takers.
Any decent lender will be able to do your deal with 40%-50% down and mortgage scores of 670 to 680. Stay away from big box banks. Go to a regular mortgage lender (mortgage banker type) that originates, underwrites and funds their own loans.
