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Hello....does anyone know what the average FICO is on a second home...I am relocating and don't have a current mortgage but they consider it a vacation / 2nd home because I am buying it months before we move using my current employment...I am also putting 40 - 60% down.
Thanks in advance !!!
The average FICO score people have when buying a 2nd home? That data would probably be hard to come by, although Fannie Mae & Freddie Mac may publish something. Since 2nd homes are a little more difficult to qualify for, and would exclude lower FICO score programs like USDA, FHA & VA, I bet the average FICO score is considerably higher than it is for primary residences... perhaps 30-40 points.
Fannie Mae & Freddie Mac just require a 620 score when buying a 2nd home, but with 40%+ down to get the best rates you'd want to have a 700 score. With 40% down, the difference in rate between a 700 & 620 score would be that with a 620 score you could get the same rate that someone with a 700 score would get, but you'd have to pay .25% of a point to get it (.25% of the loan amount). If you only were putting 20% down, the 620 score borrower would have to pay 2.75 in points for the same rate as the 700 FICO score borrower... but since the down payment is so great, the FICO score doesn't impact the interest rates much.