I am trying to get approved for a USDA Rural Direct loan. I am aware of my credit score and the credit score I need to be at to be able to qualify. My problem is my middle Fico Mortgage score (fico 2) has not increased in almost 4 months, while my regular fico score 8 has jumped almost 40 points. Is there a reason why its not increasing while my other other scores are? Is it harder to raise that fico score 2??
Currently my Experian Fico 8 is a 635 and the mortgage score 2 is at a 596.
My fico scores 8 has been improving quickly! I have zero collections, all my bills have been on time for 11 months (cant wait until decemeber until I have a full year of on time payments under my belt) and my credit utilization is under 10%. I have some student loans that are hurting my score due to the amount due, but other than that I have been working very hard!
Why wont my mortgage score bump up?!
USDA loan is a very good loan if you can qualify. Please take a look at Rd.usda.gov for the lender handbook so you can have a good idea of what to expect. All 3 reports must be pulled and must be used unless only 2 are available. Also the underwriting requirements are quite a bit more with a low score. . USDA is gaining in popularity and not all lenders are well versed. You can also find approved lenders through rd. USDA. Gov and make sure both you and your propert are eligible for this type of loan.
That was not the question that I asked. I am aware of what I need to qualify. I already have a loan officer in regards to that.