Mid mortgage fico score of 669, Will i be approved for a mortgage?

[Anonymous]

I'm about to start looking to buy a house for the first time. My price range is from 450k to 500k and i plsn to put 100k as down payment. My mid mortgage fico score from myfico is 669. Do you think i will be abke to get pre approved so I can start house hunting. Also, how accurate are the mortgage fico scores on myfico compared to the ones that lenders pull. I'm stopping by to see a mortgage lender tomorrow and I'm nervous and scared that I will get rejected. Thanks in advance for feedbacks!

[iv]

The mortgage scores here are exactly the ones that a mortgage lender will use.

While a 669 mid-score may not get the best possible interest rates, a 669 and the 20% down payment is certainly enough to be approved. (And getting that up to at least a 680 might be possible with a little work...)

I assume that you've checked that payments on a $400k loan will be manageable for your income, and that your debt-to-income ratio (DTI) is in the normal range for mortgage approval?

Good luck!

[Anonymous]

Thanks iv for the quick response. My gross income is around 100k and my wife will go back to work in a few months. Our dti ratio is about 38% based on my credit union banker feedback during the pre qualification process. She was being conservative (hight estimate) with the new monthly mortgage payment, insurance, and property tax. So you recommend that i dont see the mottgage lender yet until my score is 680? By tge way, do you know what rate i would get with a 669 mid mortgage score?

[Anonymous]

Welcome to the board.  What scores are you going by?  Is it FICO 08?  If so, you can get your mortgage scores here http://www.myfico.com/products/fico-score-3b-report/

Also, it will be hard for anyone here to predict what your rate will be as we can't see your credit report.

[Anonymous]

Thanks yes-its-me! The mid score i used is the equifax fico scoremi from myfico, not fico 8 scores that are shown on the dashboard.

[Anonymous]

Equifax fico score 5.

[Anonymous]

Just to update everyone, I stopped by to see a mortgage loan officer today and the mortgate fico scores that he pulled matched exactly to the scores that I see on MyFico for mortgage.  I guess MyFico scores are  a lot more reliable when compared to other services like Experian and Credit Karma.  Everyone should utilize MyFico if you want to see where you are at before starting the home buying process.

[Anonymous]

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@Anonymous wrote:

Just to update everyone, I stopped by to see a mortgage loan officer today and the mortgate fico scores that he pulled matched exactly to the scores that I see on MyFico for mortgage.  I guess MyFico scores are  a lot more reliable when compared to other services like Experian and Credit Karma.  Everyone should utilize MyFico if you want to see where you are at before starting the home buying process.

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Glad they matched up for you and I agree that people should get the 3B FICO product to know what their mortgage scores are before beginning the process.  Congrats on starting the journey.

[Sbrooks1]

Good to know they matched!!! Good luck to you