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First Time Homebuyer - what MMS score should we aim for?

1t2b
Valued Member

First Time Homebuyer - what MMS score should we aim for?

First timers here. Wondering what MMS we should aim for before we start talking to a broker? Currently at 718 for MMS w/ room to go up 30-40 more based on AZEO I'm guessing. Also, does it matter what the lowest mortgage score is or do they only focus on MMS? (All scores are over 700 FWIW.) DTI should be well under any requirements so we're mostly focusing on MMS right now. 

TIA

***ETA: MMS is now 723, I presume by end of month/beginning of next month we'll be at the 740+ mark for MMS***

4 REPLIES 4
4sallypat
Frequent Contributor

Re: First Time Homebuyer - what MMS score should we aim for?

Start screening for a good mortgage broker.

 

Finding a good one is tough in this market - many just want to make the quick sale and move on - they are not interested in helping you out.

 

We found the best broker last year when we had low scores (680s) and he had us work on our getting our score way up (now 720s).

 

He had us focus on certain major bank revolving debt that we were able to pay off due to the pandemic.

 

This broker stood by us and we are using him for our home this year.

Message 2 of 5
1t2b
Valued Member

Re: First Time Homebuyer - what MMS score should we aim for?


@4sallypat wrote:

Start screening for a good mortgage broker.

 

Finding a good one is tough in this market - many just want to make the quick sale and move on - they are not interested in helping you out.

 

We found the best broker last year when we had low scores (680s) and he had us work on our getting our score way up (now 720s).

 

He had us focus on certain major bank revolving debt that we were able to pay off due to the pandemic.

 

This broker stood by us and we are using him for our home this year.


MMS was just bumped today to 723, might jump again tomorrow when the last of them report. 

What makes a good mortgage broker? Is there a general list? 

Message 3 of 5
Michizane
New Contributor

Re: First Time Homebuyer - what MMS score should we aim for?

Look at reviews, but one that is patient and experienced (one that won't be constantly running your credit). If you haven't already, I would recommend taking a first time home buyer class from a good financial counseling agency (usually around $40) if you haven't already. It will be required for any downpayment programs, etc. They will most likely give you a list of good loan officers and brokers in your area. Then pick a couple (based on reviews), and give them a call/interview. One of the mortgage brokers I met with took the time to discuss my credit situation and went over multiple scenarios...she took over an hour doing this with my wife and before applying. That was a good sign to me. 

 

However, with your scores and if your DTI is as low as you say...You can get a favorable mortgage wherever you go. 

Message 4 of 5
1t2b
Valued Member

Re: First Time Homebuyer - what MMS score should we aim for?


@Michizane wrote:

Look at reviews, but one that is patient and experienced (one that won't be constantly running your credit). If you haven't already, I would recommend taking a first time home buyer class from a good financial counseling agency (usually around $40) if you haven't already. It will be required for any downpayment programs, etc. They will most likely give you a list of good loan officers and brokers in your area. Then pick a couple (based on reviews), and give them a call/interview. One of the mortgage brokers I met with took the time to discuss my credit situation and went over multiple scenarios...she took over an hour doing this with my wife and before applying. That was a good sign to me. 

 

However, with your scores and if your DTI is as low as you say...You can get a favorable mortgage wherever you go. 


First time homebuyer class sounds like a great idea, thanks for the tip. I feel like we don't know what we're doing and I prefer to be educated. I doubt we'll be eligible for any down payment assistance though, we wouldn't meet the income requirements which is a bummer b/c in our currently crazy market the down payment will not be small... We really should've done it a long time ago.

Message 5 of 5
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