The Credit Scores Lenders Use. For example, auto lenders typically use a credit score that better predict the likelihood that you would default on an auto loan. mortgage lenders use a score developed specifically for mortgage loans. Or, your credit or lender might also use a proprietary credit score that’s developed for use by just that company.
Things such as your credit score, your debt-to-income (DTI) ratio and the ratio of your mortgage divided by your home’s value (loan-to-value ratio, or LTV) after refinancing affect your eligibility and your interest rate. Even the amount of cash you have in the bank could affect your ability to refinance a loan.
If I already have a high credit score, what else can I do to lower my mortgage rates? If you can afford higher monthly payments, then opting for a shorter loan- a.
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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If your credit score is below 580, however, you aren’t necessarily excluded from FHA loan eligibility. Applicants with lower credit scores will have to put down a 10 percent down payment if they want to qualify for a loan.
Importance of Credit Score for Mortgage. But if so, that’s only because it’s so crucial to getting a home loan. The credit score, which can range from 300 to 850, is a solid predictor of whether you will honor your financial obligations. Lenders are very strict about credit score requirements and some won’t even consider you for a loan if your score is less than a 620.
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Reader question: "I've been researching this question all over the Internet, and I' m more confused now than when I first began. My middle credit score is a little.
Get the Score Lenders Use to Evaluate Your Home Mortgage Loan. As you can see in this example using today’s national rates, a person with a FICO score of 760 or better will pay $209 less per month for a $216,000 30-year, fixed-rate mortgage than a person with a FICO score of 620 – that’s a savings of $2,508 per year.