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Whose Credit Scores Do Mortgage Lenders Go By
Which credit scores do mortgage lenders use? Do mortgage lenders use Experian, Transunion, or Equifax? What is the credit score used in mortgage applications. Do lenders look at both spouses’ credit scores? If you and your partner decide on a joint mortgage, both of your credit scores will come into play. What FICO scores is needed to buy a house?
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Which Credit Scores Do Mortgage Lenders Use?
A mortgage lender often uses the middle credit score for the three main credit reporting agencies: Experian, TransUnion, and Equifax. They appraise all three reports and then use the average number for approval.
Credit Score Use in Mortgage Applications:
When getting a joint mortgage, lenders consider both spouses’ credit scores, using the lower middle score of either applicant.
FICO Scores Needed to Buy a House:
FHA Loans: 580 (3.5% down) or 500 (10% down).
Conventional Loans: 620 or higher.
USDA/VA Loans: 620+ (varies by lender).
Gustan Cho Associates has a national reputation for being able to do FHA, VA, and USDA loans with credit scores down to 500 FICO. Gustan Cho Associates has no lender overlays on government and conventional loans.
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