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Mortgage loan

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Anonymous
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Mortgage loan

I'm a little confused regarding FICO scores.  For a mortgage loan, does the FICO score consist of all 3 credit reporting agencies or are there specific credit reporting agencies that are used?  If so,which one(s) is used?  Is it a combined score of all 3 scores or is it the lowest score of the 3 reporting agencies.

 

For example, I just received my scores:

 

Equifax:        596

Experian       708

TransUnion  626

 

Based on these scores, does it mean that I would not qualify for a mortgage loan?

 

Thanks for clarifying!

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Mortgage loan

The middle of three is used.

 

FHA can be done down to a 620, so you should be fine as far as credit score requirement.

Message 2 of 8
Anonymous
Not applicable

Re: Mortgage loan

even with the 596 score?

Message 3 of 8
Anonymous
Not applicable

Re: Mortgage loan

The middle score is used. So for credit score requirements, you would be fine. Analysis would need to be done on the credit history, among other things.

Message 4 of 8
Anonymous
Not applicable

Re: Mortgage loan

okay, thanks so much for your feedback!

Message 5 of 8
cinnamongirl
Contributor

Re: Mortgage loan

Wells Fargo is doing FHA loans down to a 580 middle score

Message 6 of 8
Anonymous
Not applicable

Re: Mortgage loan


@Anonymous wrote:

even with the 596 score?


My lowest score was a 540 when I started the loan process but they used my middle score of 642.  My LO said they didn't care if my low score was a 500, all the care about is the middle score.

 

Of course they will still use all the information on your credit reports during UW from all 3 bureaus.

Message 7 of 8
Lel
Moderator Emeritus

Re: Mortgage loan


@Anonymous wrote:

I'm a little confused regarding FICO scores.  For a mortgage loan, does the FICO score consist of all 3 credit reporting agencies or are there specific credit reporting agencies that are used?  If so,which one(s) is used?  Is it a combined score of all 3 scores or is it the lowest score of the 3 reporting agencies.

 

For example, I just received my scores:

 

Equifax:        596

Experian       708

TransUnion  626

 

Based on these scores, does it mean that I would not qualify for a mortgage loan?

 

Thanks for clarifying!


What is the source of your scores?  Did you get them from a mortgage lender?

Message 8 of 8
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