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kellialvaro · Joined: 09 Aug 2010 Posts: 2 1.74 Dollars($)

I have three scores as of this date: 707, 709 and 724 with a credit grade of C in all three of the major reporting bureaus (TransUnion, Experien and Equifax). What does this mean in terms of getting a HomePath or FHA loan?
Thank you.

netherton · Posted: Tue Aug 10, 2010 9:05 am Post subject:

Those scores will qualify just fine for both programs. Ignore the grade of ''C'' as it means nothing in terms of qualifying for a mortgage.

In what state are you looking to obtain a mortgage?

tfaulhaber1 · Posted: Tue Aug 10, 2010 9:22 am Post subject:

Your credit scores are fine! In this market, you want your scores to be 640 or higher (obviously the higher the better off you are). Besides your credit, banks are adamant on documenting income and assets.

Guest

In Florida. Thanks for the reply. I was told by a conventional lender that the scores I see from the three major bureaus are DIFFERENT than what the lenders see. The C score, or so I read, is more for lenders to see the "complete picture"...anyway, yes, South Florida. Thanks!

netherton · Posted: Tue Aug 10, 2010 2:59 pm Post subject:

Just make sure you are looking at ''FICO'' scores if you are looking up your own scores. You should be able to see them for free once a year.

Google freeannualcreditreport.com, and again just make sure you are looking for FICO scores.

andrew · Posted: Wed Feb 23, 2011 1:20 pm Post subject:

Lets assume your putting 10% down to obtain a Homepath Mortgage..

Cost below are in points that can be paid upfront or added to the interest rate

720-739 .50%
700-719 1.00%
680-699 1.25%
660-679 2.25%
640-659 2.75%
620-639 3.25%

This would explain how rates or cost are affected by credit scores when doing a Homepath loan.

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