Mortgage scores vs. MyFICO.com scores

[matt2402]

Does anyone have a good idea of how much the scores that mortgage lenders see will vary from my MyFICO.com scores? My scores are TU 667, EX 661 and EQ 622. So, I'm right on the edge.

Thanks.

[crofttk]

That's a tough spot. I think KB will tell you you can see a variance in the neighborhood up to 20-50 points (?) because the lender may be using a customized FICO calc. which, firstly, can include inputs from your application which aren't on your credit file and, secondly, may have customized weighting of your factors to suit that particular lender. That's why it's a good idea to overshoot stated score requirements by 20 or more points.

Did I do it right, KB ?http://smilies.sofrayt.com/%5E/j0/glasses.gif

[firstsource]

You did great-Seems that scores I get are about 20 points lower than the ones that consumers get.

Yes, you are on the edge of being able to get a prime rate loan. Depends on the other factors-How much you have in reserves/assets-Your length of job time (same job or described the same way) etc.

Charles

[crofttk]

You did great-Seems that scores I get are about 20 points lower than the ones that consumers get...Charles

Hi, Charles, nice to meet you. I actually didn't realize this was in the new mortgage forum since I had asked for unanswered posts at the front page.

So, I'm glad I could help out, and welcome to your new forum ! :wink:

[matt2402]

OK...thanks for all the help. My other factors, (income, job, saving) are all pretty good....so I'm hoping for the best. Thanks for all your help.

[kb9tbq]

LOL, yes Croft you are catching onto me, I want when I get time to post an artical to refer on a regular basis to make just as detailed as possible explaining this part & about all the goodies I can share on these. Busy right at the moment, but will get it done.

[crofttk]

Hehehe...
Did you notice I sucked up to you even before you became an admin. ! I must have had a touch of prescience or something there !

BTW, that article sounds like a good idea !

[creditmess]

well..

Back in February I went to check out if I can qualify with .. uhmm cough... 540 score on my Ex.

They pulled 514 on theirs. :shock:

now I am up to 603 on EX so I am thinking I would pull at 570 maybe?

[firstsource]

Just to let you know that I don't know everything. I just ran credit for someone that had run their own and it was a 607. I ran it and it was a 639. Very exciting news for every one. So if you are expecting a 570, could be that you will get even higher.

When I asked a bureau why the scores were sometimes so different, they told me that different industries weighed different factors differently, ie things are more important to car dealers than to insurance etc.
So I asked why the consumer could not order a mortgage one/auto one, etc, they said that they couldn't.

I already knew that.

Oh well, congrats on getting your scores higher. Hope you join the 700 club someday.

Charles

[creditmess]

Charles.

What do you think would be my chances with getting a mortgage (first home buyer) with 6 years old judgement on my report?

My scores are

EX: 603
EQ: 556
TU: somewhere around 560 maybe?

any chances?

I found this AWESOME place that when I see it, I have this "this is the one" feeling.

What do you think? Are there any programs out there for person like me?

All my bad stuff will come off from my report late next year. I just can't wait that long any more. :cry:

[firstsource]

There is a 50-50 chance that the judgement wont be picked up by title (I know that this is a confusing thing to say, and I will explain later) If it is, you have to settle with them. Start at 20%, and it probably will work. If it is not picked up by title, you are "home free".

You can get a loan. Now that sounds like a wonderful thing, but here is the catch, it may be for only 85-90% "LTV"(amount of the sales price/appraised value-which ever is lower) that you can borrow. Then we have to make a deal with the seller to carry a purchase money second.

There is another lender that will allow a "gift program" from the seller.

Like I hope I have said before, there are SO many lenders and all of them have different guidelines, which change frequently.

Most all of them require 5% down of your own money. Some of them want it "sourced" or from relative, some you can deposit the money 2 days prior to closing.

Hope that answers your question.

Charles
P.S. Remember that buying a house is like buying a used car. NO ONE knows what they are worth. That is determined the moment that a sales agreement is accepted. Please take a valium when you go out to see the home so you can tell your husband/friend/whomever "well, maybe this will work for our needs".
Unless this is southern ca or most all of ma. Then just buy it now and hope and pray that it is accepted.

P.P.S. Unless you have a lot of money, get your first 3-6% of concessions from "seller paid closing costs". This makes the life of your poor loan officer easier, as he doesn't have to "source" those funds in addition to the down payment. All you have to, legally have to, come up with at closing is 12 months insurance, and pre-paid interest.

Best of luck.

Charles

[creditmess]

I am not sure I follow you :(

My situation is this:

I have a judgement from Sears which was filed in 1998. It's for almost 2K.

I am looking at a property for 120K. It's awesome!! I love it and this is "theone" I saw many properties but this one was the most liked.

Scores:

EX: 603
Tu and EQ in mids 500s

How much money do you think I would need MINIMUM to buy a place. I am first time home buyer, I don't really have any assets and I have no clue about mortgages and things like that. I mean, do you think there are programs out there for someone like me? I know few people that are lenders and they said that they helped people with scores in 400s!! I just don't see it happeneing.. :?

The thing that really makes me mad is that I KNOW that I can affort the place but because I have some very old listings on my CR, I am hessitant to go to see loan officer - again. I saw them back in Feb, they ran my credit and told me I will have to take care of that judgement. But back then my EX score was 517 when they pulled. It's higher now. But still I don't want to risk another inq just to see if I qualify.

I wonder if the lender would give me a loan for extra 2000 and I would pay that Sears stuff off in the same time.

Someone has to be able to help poor me :cry: Driving to work is killing me, I don't think my car will last long, and I can't buya new one until I move :cry:

[Lil Smurfette]

I'm not a credit expert, but I do understand your frusturation. I believe that you would still be able to get a loan, like an FHA loan it is not score based. Post this information also, in the credit pair section and see what more experienced people would say. :)