Impact on FICO

[Anonymous]

Looking to buy in next 30 days but FICOs are 561 599 and 620.  I need a conforming loan for 356k....I close on home sold next week.  I have a mortgage and 2nd i will payoff next week.  Will these payoffs increase or decrease my FICOs?  I would guess the 2nd would increase score...but not sure about 1st.  i can pay down cc debt to get mid score in 620-630 range.  How bad will my int rate get bumped up (5% down) on new loan?  Is it true my PMI will be through the roof?  I am not in a declining value area.

[Anonymous]

Sometimes paying off a loan does not boost your score at all and can even knock it down a few points due to changing credt mix.  It all depends upon the rest of your credit file and there is no exact formula.

Depending upon where youlive FHA will do 356K loans I believe, you just have to check you local limits.

I am not sure what FICO they are requiring for regular conventional funding rightnow, but with 5% down, it may well be up around 650-680.  Not sure on that.  Hopefully someone else will clarify.

As far as your interest rate getting bumped up, as oppossed to what?  Just check the current rates out there.

And PMI has gotten more expensive that is for sure.  And alot of the PMI compnaies are requring alot higher FICO's unless you go FHA.