topic Re: Need to Raise Mortgage Score.... in Mortgage Loans

Need to Raise Mortgage Score....

Abelcrdn — Sat, 09 Jan 2021 17:34:45 GMT

Good Morning!

I have a question!

My wife and I are looking to buy a house here in Oregon. We are working with Us Bank and have a Pre-Approval for the amount we requested ($540k) with 10% down. We are toying with the idea of only putting 5% down instead of 10% since the monthly payment would only change slightly.

However, in order to be able to only do 5% we need to bring my wife's score up 8 points to get her middle score to 680. We have been paying things down that are not required in order to only put 5% down per our loan officer. We have been able to get things paid off/down before they close this month & we have gotten alerts showing her TU score 8 has increased 10 points.

Is there anywhere where we can check her middle score with a HP or paying the $47.88 to pull all her reports on MYFICO?

Re: Need to Raise Mortgage Score....

michaels88369 — Sun, 10 Jan 2021 05:01:36 GMT

You will have to pull the reports to get the updated mortgage scores.

Re: Need to Raise Mortgage Score....

JVille — Sun, 10 Jan 2021 20:06:45 GMT

Yes you can pull all 3 Mortgage scores on this website, I think it's about $59 to do it. Fico 8 unfortunately is not what the Lender needs Fico 2,4 & 5. Takes just a few minutes in My Fico dot come.

Re: Need to Raise Mortgage Score....

sxa001 — Sun, 10 Jan 2021 21:35:59 GMT

Apart from utilization do you know the other things that light be keeping the score down? If there are negative factors on the report you might look until goodwill letters, you can find good information about using them on this site.

As for getting the reports without buying them. There are free methods to get some of the scores. Some credit unions like DCU have EQ5 and better.com will give you your TU mortgage score with a SP pre-qualification.

With that said, it is worth considering just signing up to the MF Product to monitor your scores leading up to buying a home.

If you could share more about your profile the experts can probably guide you on some specific things that would help gain you those 8 points or more.

Good luck in the home buying journey!