The person that makes the most money is the FICO score that will be used to determine your interest Rate.
Mortgage lenders will ALWAYS use the person who has the highest income as the primary borrower. Sometimes in the case of married couples it is better to only use one spouse (who ever has the higher score) as long as the income from one will satisfy the debt-to-income ratio required by the lender. The higher score will generally affect the interest rate while the income does not.
...and some lenders will use the lesser of the credit scores reguardless of income.
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.
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.
Mortgage companies use your FICO score, Credit card companies use you Advantage Score which is a different scoring formula from FICO
Yes, you can get approved with a 517 FICO for a mortgage loan; however the terms of the loan may be far worse than if you are able to work on improving your credit score first. Everyone has to start somewhere!
For starters FICO is scoring range is 300 to 850 Vantage is from 500 to 990 no one in the mortgage industry uses Vantage for more information check out www.thecreditguy.tv
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.
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.
Mortgage companies use your FICO score, Credit card companies use you Advantage Score which is a different scoring formula from FICO
Yes, you can get approved with a 517 FICO for a mortgage loan; however the terms of the loan may be far worse than if you are able to work on improving your credit score first. Everyone has to start somewhere!
For starters FICO is scoring range is 300 to 850 Vantage is from 500 to 990 no one in the mortgage industry uses Vantage for more information check out www.thecreditguy.tv
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
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.
Both. Your score is irrelevant if you have tons of debt and can't afford the mortgage payments, and your debt is irrelevant if you have a 450 FICO score.
Which action will help increase a low FICO score?
Yes, you can get a mortgage. The amount of the mortgage will depend on the overall financial picture of the property and what you can show to a lender that demonstrates the monthly payment you can afford.
No. The person who is the card holder is the person whose FICO score applies to. An authorized user/signer is in most cases not responsible for the debt, if the card holder defaults. Actually, it can effect your score if your talking about a joint account. Authorized users aren't responsible for accounts, thus no reporting of that account will appear on their credit bureau. If your wife has a bad account, late payment stuff like that. Then I would recommend not adding your name to her acccount. It will effect your score. But there will be no change to your score if you have her added to one of your accounts. Just make sure their good ones and everyone gets a boost.
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.