which credit score is used for mortgage loans

Bad Credit Mortgages . The bad credit mortgage is often called a sub-prime mortgage and is offered to homebuyers with low credit ratings. Due to the low credit rating, conventional mortgages are not offered because the lender sees this as the homebuyer having a larger-than-average risk of not following through with the terms of the loan.

Which FICO Scores Do Mortgage Lenders Use? – The Dough Roller – With dozens of variations of FICO credit scores, which FICO scores do mortgage lenders use? We have the answer, along with how to check your credit score. As I’ve mentioned before, I’ve been.

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The kinds of credit you use – credit cards, auto loans, mortgage – also affect your score, but not nearly as much as paying on time.

Is 700 a Good Credit Score? – Credit Sesame – For example, your auto loan credit score is a little different from your credit card credit score. Lenders use different scores for different credit decisions and the lines between the. Mortgage interest rates with a 700 credit score.

A 695 credit score (Fair Credit) is often viewed by lenders as an acceptable credit risk – meaning you will usually be approved for the credit or loan you are seeking.

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A lender could accept a credit score below 620 for a conventional mortgage, but Fannie Mae wouldn’t buy that loan, and the lender might be stuck with it unless it can find another buyer. For FHA and USDA loans , lenders’ hands are tied from the get-go.

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4 Facts About Credit Scores Loan Officers Need to Know – Any time a consumer applies for a mortgage loan and the lender uses a credit score, the consumer must receive a disclosure that identifies the.

Home Equity Loan vs. Home Equity Line of Credit – Your qualifications, including income and credit score, will also be evaluated to determine the loan amount as well as the interest. Your line of credit can then be used just like a credit card,

What Credit Score Is Needed for a Personal Loan? – Credit bureaus use a scoring system based on the Fair Isaac Corporation (FICO). Your FICO score can range anywhere from 300 to 850. The better your score, the more likely you are to qualify for higher loan amounts and lower personal loan interest rates.

All credit scores are used on a joint mortgage (and you can have more than 2 people). financial and credit information is collected from all parties who wish to be on the mortgage and the loan approval is based on the collective results.