Mortgage Loan Mid Score? Preapproved?

[Anonymous]

I applied Feb.. 5th and had a mid score of 636.  I am still looking and have not found a home.  We were preappoved and my 120 days are about up.  Should I go ahead and get preappoved again?  We are looking and have not found a house yet. 

How do they figure the Mid score never understood that?  Is it the average of my three scores.   

Feb. 5th Fico Scores TU 649 EQ 611    Got this score from the broker EX 689  Confirmed my other two scores matched matched what she pulled. 

April 27th Fico Scores TU 662 EQ 619 EX ?  

[Anonymous]

Is your Significant Other on the application also?

They take the lower of each of your mid scores... so if your mid score was 662 (Staying with it being TU) and then your s.o. had scores of 620 640 and 650 their mid score would be 640 and your rate would be based on the lower of the two mid scores.

Message Edited by Susyquk on 05-18-2009 10:41 AM

[Anonymous]

No my wife will not be on the loan with me due to her scores being around 590.  I am the main income she only works part time.  We have our DTI around 10% only using my income and we are looking at houses around $120k - 130k.  I have two bad items that are suppose to be deleted and want to wait for those to get cleared then run my credit to get quailfied agian so we are ready once we find our house.  

Just want to see how they figure the Mid Score?  

[SanDiegoEngineer]

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@Anonymous wrote:

No my wife will not be on the loan with me due to her scores being around 590.  I am the main income she only works part time.  We have our DTI around 10% only using my income and we are looking at houses around $120k - 130k.  I have two bad items that are suppose to be deleted and want to wait for those to get cleared then run my credit to get quailfied agian so we are ready once we find our house.  

Just want to see how they figure the Mid Score?  

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It is literally the lowest middle score on the application.  No averaging or math of any kind involved.

If buyer one has their three scores at 720, 700, and 680, and buyer two has their three scores at 660, 640, and 620, the lowest of the two middle scores (700 and 640 in this case) will be used, so the loan will be based on the "640" score.

[Anonymous]

Thanks for the reply.