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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!
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.
even with the 596 score?
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.
okay, thanks so much for your feedback!
Wells Fargo is doing FHA loans down to a 580 middle score
@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.
@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?