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Lenders use all three scores?

I applied for a FHA loan two days ago with a local bank and a mortgage broker. The banks scores were two at 680 and one at 650 and they gave me a cost sheet based on one of the 680 scores. The broker just told me my score was 650 and I'd have to take a higher rate than what we had discussed on the phone when I told him I thought my score was 670. I know he didnt pull all three but arent they supposed to?
  • April 21 2014 - US
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Answers (6)

I can get you the same rate no matter either score. Give me a call for help.

Thanks
  • April 24 2014
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Are there any lender credits that your broker is giving you with the rate that he is providing you.  It is not at all a bad idea to shop your loan around to see about getting a good deal.  Do a comparison, you have all the right to do so.

  • April 21 2014
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Usually lenders will look at all of your scores. Although, most lenders will base everything off of the median score. On the other hand, not all lenders are the same and use this method. Each lender is different and can have their own requirement and own way of doing things. So if you are unsatisfied with the way your lender is working with your finances, you can always check out another lender. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 21 2014
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Profile picture for LouiseBell8
Thanks guys. The bank has the best deal but I'll get another quote. Scott-they were from the bank. http://www.pcmwholesale.com/getform.aspx%3Fid%3D60&cd=4&ved=0CDkQFjAD&usg=AFQjCNFAUX7AQA8REt-K2Z0AHJU4Ptt7Kw
  • April 21 2014
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He should, but depending on his guidelines he may not need to. Typically the median score is used though and that should be what is used for qualifying purposes, at least that is the case with the bank I work at. I may suggest getting additional quotes, if you shop your loan aorund in a 1-2 week period at different mortgage companies it should only take a hit to your credit score 1 time. After that two week point though it will start to negatively affect your credit.

If you would like to discuss further please feel free to reach out to me through my zillow profile.
  • April 21 2014
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Normally when we pull credit all three credit bureau scores will be pulled , in some cases if 2 of the scores out of the 3  are the same we will use the lower of the two scores. If all 3 are different scores then the median will be used.

Another example would be if only 2 scores come up becasue of lack of established credit, then the lower of the 2 will be used.

Keep in mind if you found your score online, they are not always correct with what your actual FICO scores are which is what we use as loan officers (lenders).

Hope that helps and good luck!
-Scott
  • April 21 2014
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