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Credit Worthiness Grade / Mortgage

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Icon Mini Profile kellialvaro





Joined: 09 Aug 2010

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Post Posted: Mon Aug 09, 2010 11:46 pm    Post subject: Credit Worthiness Grade / Mortgage
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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.
Icon Mini Profile netherton
netherton




Joined: 17 Jun 2010

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Location: Fort Collins, CO
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Post Posted: Tue Aug 10, 2010 9:05 am    Post subject:
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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?

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Nic Netherton
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Icon Mini Profile tfaulhaber1
tfaulhaber1
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Joined: 17 Dec 2009

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Post Posted: Tue Aug 10, 2010 9:22 am    Post subject:
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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.
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Kelli Alvaro

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Post Posted: Tue Aug 10, 2010 2:47 pm    Post subject: FHA vs. HomePath Mortgage
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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!
Icon Mini Profile netherton
netherton




Joined: 17 Jun 2010

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Location: Fort Collins, CO
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Post Posted: Tue Aug 10, 2010 2:59 pm    Post subject:
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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.

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Nic Netherton
Mortgage Banker
Cornerstone Mortgage Co
Fort Collins, CO 80525
Nic Netherton Loans
970-226-2992

My Daily Rate Sheet
Icon Mini Profile andrew





Joined: 23 Feb 2011

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Location: Sacramento, Ca
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Post Posted: Wed Feb 23, 2011 1:20 pm    Post subject:
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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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