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Mid FICO

New Contributor

Mid FICO

When getting a home loan I've heard that lenders go by your Mid FICO.  My scores are TU 577 EQ 643 and EX 655.  So, even though my TU is completely trashed, all he's going to care about is that my mid FICO is 643, right?
 
One more question, is it true that a mid FICO above 620 pretty much qualifies a person for the lowest rate?  I've heard that, but myFICO shows rates going down all the way to 720.  What additional hoops do you have to jump through to ge the best rate with a 643 mid-FICO?
Message 1 of 4
3 REPLIES
Regular Contributor

Re: Mid FICO

Although your mid FICO is important, that is not all the lender would be concerned with.  They will scrutinize your report and it depends upon what else is on there such as open collections, chargeoffs, leins, mortgage payment history, etc...So although your mid is probably good enough for a decent rate, you may not qualify based upon other factors. 
Message 2 of 4
Moderator Emeritus

Re: Mid FICO

Your score is not the the only determining factor.
Message 3 of 4
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New Contributor

Re: Mid FICO

99% of the lenders will look at the middle score. There are some that will average the 3 scores and some that will use the high score only. As stated above, more than just the score will be considered.
 
643 will not get you the best rate available in the market no matter how many hoops you jump through.
 
To get the best rates you need:
  • FICO 720+
  • Full Income and Asset Documentation
  • 20% Down Payment

More risk to lender ==> higher rates

 
 
 
Message 4 of 4