Mortgage Loans

[tasha27]

Does all three credit scores have to be 620 to get approved.  both mines and my husbands equifax scores are over 650 but our others are just in the low 600's.  We live in TX and are looking to use a VA or FHA loan. 

[ShanetheMortgageMan]

Just the middle (median) score.  So if you have a 632, 605, and 650 - 632 is the middle score.  What are your and your husbands middle scores?

Between FHA & VA, VA usually ends up being the better loan program to use due to not having to pay monthly mortgage insurance. 

[tasha27]

We dont know our Experian scores but my husbands scores are 610 and 647 and mines are 608 and 651. 

[ShanetheMortgageMan]

Did you get the Equifax score from here at myFICO.com?  If so that is good news, as the Equifax score you get from here is almost always the same as when a credit report for a mortgage is pulled.  The TransUnion score from here uses an outdated model though, so the TU score from here will be a little different (can be higher or lower than your actual score).  However because your Equifax score is 650'ish, if the reports look similar, then odds are good that your TransUnion score is closer to the 650 than the 610 level.

[GRILLMASTERNEEDAHOUSE]

VA loan is does not have a mandatory FICO score for approval. Different banks have different criteria but mid score of 600 is pretty common for VA.

[BrianB_The_Loan_Professor]

Most banks now want a 620

there are a few that will go less but they are hard to find and not available in all areas

B