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Old 09-09-2008, 01:10 PM
 
Location: Charlotte, NC
1,808 posts, read 5,760,302 times
Reputation: 746

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What credit score is considered "good" when it comes to securing a mortgage?

I just pulled my own credit today from myfico.com, and now I'm curious to know how I will look to mortgage lenders.
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Old 09-09-2008, 02:11 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,102,357 times
Reputation: 1008
depends on what you're applying for

FHA 660
Conventional 720

Lenders also look at the MID SCORE.

Borrower
600 620 615 (615 would be the mid score)

If there are two borrowers, and the 2nd borrower had
700 680 690 (690 would be the mid score)

So then you have two mid scores. 615, 690.

Most lenders will use the LOWER of the two. 615
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Old 09-09-2008, 02:36 PM
 
Location: Charlotte, NC
1,808 posts, read 5,760,302 times
Reputation: 746
Renriq2, I knew you would reply - thank you!

What happens if the scenario above was a bit different, and the second borrower's score was lower than the first borrower's score? Do they still take the middle score? Is it ever helpful to not include the lower score when trying to secure a loan?
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Old 09-09-2008, 02:41 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,596,105 times
Reputation: 249
Quote:
Originally Posted by renriq02 View Post

Most lenders will use the LOWER of the two. 615
Lenders use the MIDDLE scores. Everyone pulls there own credit reports, you do not provide anything they can use.
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Old 09-09-2008, 03:22 PM
 
Location: Casa Grande, AZ (May 08)
1,490 posts, read 3,344,944 times
Reputation: 1159
Dave,

I think he was asking whether it might be beneficial to NOT include the second (less creditworthy) borrower on the loan? Assuming of course the single borrower could qualify with Debt to Income requirements....
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Old 09-09-2008, 03:55 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,102,357 times
Reputation: 1008
Yes they will use the lower of the 2 middle scores. (as I described in the first post)
Most lenders do...

some lenders use the one who makes the most money.

Quote:
Originally Posted by ctribucher View Post
Renriq2, I knew you would reply - thank you!

What happens if the scenario above was a bit different, and the second borrower's score was lower than the first borrower's score? Do they still take the middle score? Is it ever helpful to not include the lower score when trying to secure a loan?
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Old 09-09-2008, 03:56 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,102,357 times
Reputation: 1008
huh???

that's what i just wrote

Quote:
Originally Posted by brokerdave View Post
Lenders use the MIDDLE scores. Everyone
pulls there own credit reports, you do not provide anything they can use.
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Old 09-09-2008, 07:29 PM
 
Location: Broward County
2,518 posts, read 9,699,170 times
Reputation: 1333
actually...you were very confusing renriq02. MIDDLE SCORE of the three scores (Experian, Equifax and Transunion) they use.
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Old 09-09-2008, 07:45 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,102,357 times
Reputation: 1008
very confusing.

Quote:
Originally Posted by renriq02 View Post
depends on what you're applying for

FHA 660
Conventional 720

Lenders also look at the MID SCORE.

Borrower
600 620 615 (615 would be the mid score)

If there are two borrowers, and the 2nd borrower had
700 680 690 (690 would be the mid score)

So then you have two mid scores. 615, 690.

Most lenders will use the LOWER of the two. 615
Quick reply to this message
 
Old 09-09-2008, 11:29 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,596,105 times
Reputation: 249
its a riddle alright
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