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Question,
I finally got all 3 FICO scores:
Transunion-575
Experian-616
Equifax-677
My wife and I are going to see a lending specialist on Monday 12/22/08. What are our chances of qualifying for the USDA loan? I think her scores should be better. Is a 616 middle score good enough? Also, how much will the mortgage companies score differ from the MYFICO score?
Tenatively excited!
Your scores are fine to qualify, however, if both of your mid scores (yours and your wifes) are 620 or better, it is MUCH easier to qualify. At a 616 mid now, I would do what you can to gain those couple points and go in there with 620 plus for both of you.
We just qualified here in WI and we had 622 and 645 mids in Oct. when we qualified.
Thank God they have gone up a bit more, and not down!
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
Your scores are fine to qualify, however, if both of your mid scores (yours and your wifes) are 620 or better, it is MUCH easier to qualify. At a 616 mid now, I would do what you can to gain those couple points and go in there with 620 plus for both of you.
We just qualified here in WI and we had 622 and 645 mids in Oct. when we qualified.
Thank God they have gone up a bit more, and not down!
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
@Anonymous wrote:Question,
I finally got all 3 FICO scores:
Transunion-575
Experian-616
Equifax-677
My wife and I are going to see a lending specialist on Monday 12/22/08. What are our chances of qualifying for the USDA loan? I think her scores should be better. Is a 616 middle score good enough? Also, how much will the mortgage companies score differ from the MYFICO score?
Tenatively excited!
Need a lot more info. A 616 score could be fine but that's like asking "if I have gas in my car, can it go?". There are a lot more pieces to getting a car to go than just putting gas in it, you need oil, an engine, etc. Same with finding out if you can qualify for a mortgage. Having one piece of the puzzle (your FICO scores) is a start, but in order to see the entire picture you need all pieces.
Shanethemortgageman,
I just posted a reply on another thread under "theoutsider" entitled.... MyFICO scores and the lenders FICO. I have more info. about my situation there. Could you tell me what you think?
Thanks!