Mortgages and Credit Score

[meehan22]

Also a point to add.. higher the score less the interest rate  

[bdhu2001]

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@c4sp14nx wrote:

FWIW, no banks in my area (Columbus, OH) will approve an FHA with a score < 640; conventional requires a 680. 

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The FICO score that you're tracking.  Are you sure you're tracking FICO mortgage?  I ask, because I thought my scores were really great, due to my FICO bankcard scores and I knew some missinformation was going to be removed. I'll provide example

FICO bank card: EX:751; TU 734; EQ 725 on 4/22

FICO mortgage:  EX:748; TU 697; EQ 695 on 4/28

FICO bank card: EX:808; TU 734; EQ 734 only EX has update for month they update on 5/9, but can view new score 7 days after.  My other two update end of month

FICO mortgage:  EX:771; TU 725; EQ 730 on 5/23/14

FYI, based on the file the lender sent me: They use EQUIFAX/FACTA BEACON 5.0 ;TRANSUNION/FICO CLASSIC (04);and EXPERIAN/FAIR, ISAAC (VER. 2) for mortgage FICO scores.

[Its_Me]

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@c4sp14nx wrote:

FWIW, no banks in my area (Columbus, OH) will approve an FHA with a score < 640; conventional requires a 680. 

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This information is extremely helpul! I am in the Columbus, OH area as well and will be looking to purchase a home at the end of 2015. I have not decided if I want to go FHA or conventional. I know with conventional, a larger down-payment is required. Do you know by chance how much is needed to qualify? Any lenders you can steer me towards for a conventional loan? I am working to get my scores up by then. 

Credit Karma 627

Credit Sesame 689

Credit.com 688

Quizzle 660

Credit One Bank 708

Thanks so much!

[Its_Me]

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@EtereoX wrote:

c4sp14nx ... just wanted to let you know that's not true. I'm working with a lender in OH who goes down to 550 I believe. 580 for sure. 

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I am also in Columbus Ohio. Which lender are you going through if you don't mind I ask? And is it conventional or FHA?

Thanks so much!

[TimeToRecover]

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@Its_Me wrote:

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@c4sp14nx wrote:

FWIW, no banks in my area (Columbus, OH) will approve an FHA with a score < 640; conventional requires a 680. 

---

This information is extremely helpul! I am in the Columbus, OH area as well and will be looking to purchase a home at the end of 2015. I have not decided if I want to go FHA or conventional. I know with conventional, a larger down-payment is required. Do you know by chance how much is needed to qualify? Any lenders you can steer me towards for a conventional loan? I am working to get my scores up by then. 

Credit Karma 627

Credit Sesame 689

Credit.com 688

Quizzle 660

Credit One Bank 708

Thanks so much!

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All of the ones you listed are NOT FICO.  The ones from my fico are not what a mortgage lender would pull either.  The ones on my fico are 08 scores.  The ones from the sites you listed above are totally FAKO.  You won't know your real score for a mortgage until they get pulled.

[Its_Me]

Yes, thank you, I realize they are not FICO scores. I use them for my informational purposes only and to see how they fluctuate based on obtaining new credit, reducing utilization, etc. I actually had a lender pull my FICO in 2012 when we were considering purchasing at that time.

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@TimeToRecover wrote:

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@Its_Me wrote:

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@c4sp14nx wrote:

FWIW, no banks in my area (Columbus, OH) will approve an FHA with a score < 640; conventional requires a 680. 

---

This information is extremely helpul! I am in the Columbus, OH area as well and will be looking to purchase a home at the end of 2015. I have not decided if I want to go FHA or conventional. I know with conventional, a larger down-payment is required. Do you know by chance how much is needed to qualify? Any lenders you can steer me towards for a conventional loan? I am working to get my scores up by then. 

Credit Karma 627

Credit Sesame 689

Credit.com 688

Quizzle 660

Credit One Bank 708

Thanks so much!

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All of the ones you listed are NOT FICO.  The ones from my fico are not what a mortgage lender would pull either.  The ones on my fico are 08 scores.  The ones from the sites you listed above are totally FAKO.  You won't know your real score for a mortgage until they get pulled.

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[c4sp14nx]

I am very pleased to be wrong! That's the danger, of course, in making such an absolute declaration as I did. I should have qualified my statement by saying that I've spoken with more than 20 local banks/lenders, and that based on my experience I could not find anyone willing to go lower than 640. Of course, that sampling is certainly not "all" banks. 

[Anonymous]

You need FICO scores not those others like credit.com etc.  Go to Myfico.com, but note your lender may be using a different fico model.   Myfico.com will be somewhat close.

[Revelate]

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@Anonymous wrote:

You need FICO scores not those others like credit.com etc.  Go to Myfico.com, but note your lender may be using a different fico model.   Myfico.com will be somewhat close.

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To be fair, if you want a legit mortgage score check, grab Equifax's Score Power (which is still Equifax Beacon 5.0).  Can't get the TU score nor the EX one unless you happen to belong to a very particular CU, but have to take FICO 8 scores with a huge grain of salt... namely in my case, my mortgage scores mandate 30% down on a jumbo loan from Chase for me, whereas FICO 8 would be 20%.  That's an additional big ass amount to add to my downpayment, which effectively puts the mortgage (through Chase at any rate) out of reach, all over a scoring difference.