fico scores and loan rates

zeuzie
Contributions:5

paid thru fico for rates and scores- tu 701,eq 659 ex 681 yet my wamu card shows me a score of 711 (i think it is TU score) being a first time homebuyer not sure which score(s) the lenders will use. wanting to get a 30 year fha loan but also not sure how much upfront cash i will need besides the 3.5%. of purchase price. please help??

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January 17 2009 - South Point

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Answers (3)

Eric Smith, "ohiosmitty"
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Got one better for you!!!

If you are buying in South Point, that is a USDA eligible area!

USDA loans are 100% no money down, No PMI and the same rates as FHA and anything over 620 score automatically credit qualifies.

In fact, just about everywhere in Lawrence County is eligible except Coal Grove, Ironton, and Hanging Rock.

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February 06 2009

Nathan Wolf, "natewolf"
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You will want to contact a mortgage broker or banker to have them pull your credit. The scores you can "pull" as a consumer are NOT the same as the tri-merge scoring system that will result when a broker/banker pulls it. I can almost guarantee it will not be the same-- even though they use Transunion, Equifax and Experian scores, they calculate it differently using various factoring that the consumer score does not use.

So, a broker or banker can also give you a no charge estimate of all of the questions you have asked. Then you'll know for sure what you can afford to purchase, and they can probably give you an approval letter-- which will make your offers much more convincing to a seller.

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January 17 2009

Lenders will use the mid-FICO score on your credit based on the credit report they pull up, not on what you pull up.

For FHA loans, you only need the 3.5% downpayment. However, that can be a gift of funds from a relative, an employer, a non-profit organization, a church or a government entity. The sellers can contribute as much as 6% of the sales prices towards your closing costs, prepaids, and escrows.

For information about government downpayment and/or closing cost assistance programs that may be available in Ohio, check out Ohio Housing Finance Agency (OHFA) at http://www.ohiohome.org and HUD at http://www.hud.gov/local/oh/homeownership/buyingprgms.cfm.