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Variation in Mortgage Scores

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dakota911
Member

Variation in Mortgage Scores

We are working really hard to improve our scores and have our scores at and above 600 for the first time in a long time. We are nearing being completely out of debt - less than 8 months remaining. Then we realized that the mortgage score is different and had those pulled. Confused by the range of scores - with one being 524 and one being 619 and then one in between. How do we address this problem and will an FHA lender average them? We have 1 more year to improve our credit to refinance on a contract for deed or loose our house. We will have a LTV of 70% and no debt. With an income of about $110,000 - any hope that we can refinance in a year for around $165,000?

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StartingOver10
Moderator Emerita

Re: Variation in Mortgage Scores


@dakota911 wrote:

We are working really hard to improve our scores and have our scores at and above 600 for the first time in a long time. We are nearing being completely out of debt - less than 8 months remaining. Then we realized that the mortgage score is different and had those pulled. Confused by the range of scores - with one being 524 and one being 619 and then one in between. How do we address this problem and will an FHA lender average them? We have 1 more year to improve our credit to refinance on a contract for deed or loose our house. We will have a LTV of 70% and no debt. With an income of about $110,000 - any hope that we can refinance in a year for around $165,000?


 

Mortgage scores are different than FICO 08 scores.  Here is a link for you to review regarding mortgage scores:  http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-the...

 

No, your lender will not average your mortgage scores. Your lender will use the middle score of the 3 mortgage scores. If you have two people on the mortgage, the lender will use the lowest mid-score of the two borrowers.

 

Have you visited the rebuilding forum here yet? Rebuilding is two parts:  fixing the derogatory credit and obtaining new lines of credit.  Have you obtained new cc's (revolving) yet? If not, that is a critical componet to increasing your scores - both FICO 08 and your mortgage scores.

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