You answered your own question, the scoring model they use is your FICO score, not your FAKO score which it is called when you purchase your score from one of the big 3, that scoring model is called Advantage.
It is hard to qualify for a mortgage with a Fico score of 567. Most lenders, including FHA, require individuals to have a minimum Fico score of 580 to qualify for a mortgage.
FHA guidelines do not require a "Minimum" FICO in order to obtain an FHA loan. Many investors that make FHA loans do, however, have a minimum FICO requirement. Contact a knowledgeable Mortgage professional in your area and he will be able to help you with additional information.
With today's mortgage situation it is hard to find a lender that will complete or fund a loan with a fico score of 640 or less. FHA now requires a 640 fico score while conventional home loans require a 660 or above fico score. Your best luck will be to try a lender such as GMAC depending on what area of the country that you are trying to get a home loan for.
Mortgage companies use your FICO score, Credit card companies use you Advantage Score which is a different scoring formula from FICO
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
It is hard to qualify for a mortgage with a Fico score of 567. Most lenders, including FHA, require individuals to have a minimum Fico score of 580 to qualify for a mortgage.
FHA guidelines do not require a "Minimum" FICO in order to obtain an FHA loan. Many investors that make FHA loans do, however, have a minimum FICO requirement. Contact a knowledgeable Mortgage professional in your area and he will be able to help you with additional information.
The FICO score hasn't increased, according to the Department of Housing and Urban Development website, which runs the program.
With today's mortgage situation it is hard to find a lender that will complete or fund a loan with a fico score of 640 or less. FHA now requires a 640 fico score while conventional home loans require a 660 or above fico score. Your best luck will be to try a lender such as GMAC depending on what area of the country that you are trying to get a home loan for.
Mortgage companies use your FICO score, Credit card companies use you Advantage Score which is a different scoring formula from FICO
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
It depends on the what is in your credit file when it comes to FHA. The best FHA lenders offer the best rates at 660 minimum credit score. They will also look to see if you need to have a 'manual underwrite' done on your loan. If that is the case, then you will have a higher rate.
It depends on the what is in your credit file when it comes to FHA. The best FHA lenders offer the best rates at 660 minimum credit score. They will also look to see if you need to have a 'manual underwrite' done on your loan. If that is the case, then you will have a higher rate.
Which action will help increase a low FICO score?
More than likely, you will be able to qualify for an FHA with 3.5% down. They don't focus much on your score versus other items such as your income which seems pretty decent. Good luck.
Fico is what one would call a peson's credit score. FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score. A person's FICO score will range between 300 and 850
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.