@smackmaster wrote:
I've done a bit of searching for this without finding a straight answer. Does anyone know which Ficos are used for a HI loan? The mortgage Ficos? Fico 8s?
I don't think there's any standard bit as this is a simple unsecured loan as I understand it? Likely will be lender dependant as a result.
@StartingOver10 wrote:
@smackmaster wrote:To maybe help someone in the future. I just applied at a small bank here is TX that specializes in HI loans for swimming pools and they used FICO 8 scores, not mortgage scores, which surprised me becuase it is essentially a second lein. Myficos were spot on!
Good to know! It is a surprise that they use FICO 08 scores. Do you know if this lender is keeping your loan in it's portfolio and servicing it? That may explain why they are using FICO 08 scores on a secondary mortgage loan. This is only the second time I have heard of FICO 08 scores for mortgages.
I thought a Home Improvement loan was just a simple unsecured loan rather than attaching a lien on the house? I thought it is different than a HELOC or similar Home Equity / second mortgage loan. I don't think this is as far out there as that one portfolio lender using FICO 8 for mortgages TBH.
@Snackmaster: would you mind posting the lender name you got it from so that I can go look at their website and loan offerings? Was there an appraisal involved?
@smackmaster wrote:First Community Bank of Texas...myfcbtexasdotcom. Appraisal yes, but free. they have an in house appraiser.
Interesting; they don't even have a mortgage product looking at their website?
Yeah not so surprised they aren't on the usual mortgage trifecta if this did indeed attach to your home. I'm not so certain that would apply to other lenders for a similar product.