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Fico Model used for Home Improvement Loan?

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smackmaster
Established Member

Fico Model used for Home Improvement Loan?

I've done a bit of searching for this without finding a straight answer. Does anyone know which Ficos are used for a HI loan? The mortgage Ficos? Fico 8s?
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smackmaster
Established Member

Re: Fico Model used for Home Improvement Loan?

To answer my own question and maybe help someone in the future. I just applied at a small bank here is TX that specializes in HI loans for swimming pools and they used FICO 8 scores, not mortgage scores, which surprised me becuase it is essentially a second lein.

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Revelate
Moderator Emeritus

Re: Fico Model used for Home Improvement Loan?


@smackmaster wrote:

To answer my own question and maybe help someone in the future. I just applied at a small bank here is TX that specializes in HI loans for swimming pools and they used FICO 8 scores, not mortgage scores, which surprised me becuase it is essentially a second lein.


It's a YMMV situation; mortgage scores are explicitly dictated, but home improvement loans are likely all portfolioed and as such the lenders can and do make their own UW choice of scores.

 




        
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