Credit Scores Used By Lenders For Mortgage Qualification

Credit Scores Used By Lenders For Mortgage Qualification. What are the Credit Scores Used By Lenders To Qualify For Mortgage

Credit Scores Used By Lenders For Mortgage Qualification video duration 4 Minute(s) 4 Second(s), published by Gustan Cho Associates on 19 07 2019 - 16:42:29.

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Credit Scores Used By Lenders For Mortgage Qualification * Credit Scores is one of the most important factors when it comes to qualifying for a mortgage loan {MORTGAGE} Mortgage! MORTGAGE! Mortgage! Which Mortgage is best for me? Is FHA the best home loan? FHA Mortgage! FHA! Is it an FHA Loan that will .

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1. Credit Scores Used By Lenders For Mortgage Qualification

* Credit Scores is one of the most important factors when it comes to qualifying for a mortgage loan.

- Many home buyers and homeowners who are planning on refinancing often get confused on which credit scores used by lenders
- There are three different credit reporting agencies, also called credit bureaus
- Each consumer who has had credit will have three different credit scores from each one of the major three credit bureaus
- The three giant credit reporting agencies are Transunion, Experian, and Equifax

2. Fannie Mae And Freddie Mac Mortgage Guidelines

* Fannie Mae and Freddie Mac are the two mortgage giants in the United States that set Conventional Loan Requirements .

- Fannie Mae and Freddie Mac both require a 620 minimum credit score for a borrower to qualify for a Conventional Loan
- Most Jumbo Lenders require a 700 credit score for a borrower to qualify for a Jumbo Mortgage
- The credit scores mortgage lenders are talking about is the middle of the three credit score from the three giant credit reporting agencies: Transunion, Experian, and Equifax
- For example, if a borrower has a 600 credit score for Transunion, 700 FICO for Equifax, and 800 FICO on Experian, the middle score is the 700 FICO from Equifax is used

* The 700 FICO from Equifax will be the credit score used for this borrower when the mortgage lender is qualifying this borrower.

For more information on this topic and/or other mortgage-related topics, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.

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