I am looking to purchase a house in the Florida location. However, I had few questions regarding if I will be able to get any loan. My credit score on Equifax is not that good. On Transunion is way better then Equifax. However, on Experian is way higher then Equifax and Transunion. I been reviewing my credit report and had stuff remove off the report. Fix other things and so on. However, the score does not move much. It seems I only get few ponits up. I really do not want to wait to get a house. I will like to able to purchase one soon.
Is there any loans out there that will be able to help me?
What is lowest score a lender will take?
What score range do you need in order to get a loan?
Does FHA loans require score?
Are ther any loans that are not score driven?
When pulling a credit report, does anyone just use Experian or do a lender check all 3?
FHA is the way to go, high score is not required.
You will see many sources that say FHA doesn’t look at FICO scores but they really do. You will need a 620 minimum and may need to pay more down than the traditional 3.5%. However, your recent payment history (the past two years) also has a huge influence. If your FICO is bad, but recent history is good, you are more likely to qualify. If your recent payment history is bad and your FICO is lower than 620, there is a slim chance that you could get an FHA loan if you can find a mortgage lender willing to manually underwrite.
FHA would definitely be the way to go. The subprime mortgage market, part of the cause of the housing collapse, has been all but eliminated.
With the exception of the Equifax score, if you purchased the scores directly from the credit reporting websites, they are FAKO scores, not true FICO’s. Meaning….they are meaningless.
To expand on this, Experian doesn’t even sell us our FICO’s since Feb. 14, 2009. The only place to get that is from a loan officer tri-merge pull, or, if you live in Pennsylvania, the PSECU credit union offers them on the customer statements.
Someone either paid an extremely hefty price for that exclusive service, or the top execs at both places are related!
If you ever get a loan pull, get that tri pull emailed to you & check those scores. You’ll likely never get another Experian FICO score.
your lender will take the middle score of the three and go with that so say you have 625, 630, and 645 they will say you have a 630
i would say you should try fha they dont focus completely on score and will look at your payment history during the last two years. it is the easiest to get. and lenders like to go with them because it is insured so if you dont pay they still get their money.
Before lending you money, creditors want to determine how much of a risk you are—in other words, how likely you are to repay the money they loan you. Credit scores help them do that, and the higher your score, the less risk they feel you’ll be.That doesn’t mean you don’t have to get your credit under control.
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