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I have a credit score of 663 equifax and 661 transunion but the loan company says that my score needs to be above 620. he

by stix2620499 from Morgantown, West Virginia. Jan 9th 2018 Reply


Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 62 contributions

If your third score is below 620 that would make your qualifying middle score a 661. There is no reason you would not qualify for mortgage financing with that score. Remember that there are three key areas that lenders measure your qualifications from.1. Credit 2. Income3. AssetsCredit isn't just about your score. The credit report also shows your recurring monthly obligations and other information about your payment history.If you can afford a house payment, have assets in reserve and some form of down payment, even if it is as little as 3% you should qualify. Happy to look at your situation. I am not licensed in WV but I have colleagues that are.Thanks for your question,Ron

Jan 9th 2018
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Steven Karp (stevek81)
#29 ranked lender in Massachusetts - 133 contributions

Hi Stix, you should have no problem, we all use the middle score...you can literally go anywhere...look into an FHA loan...We do them nationwide or call anybody...you should be fine

Jan 10th 2018
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

How sure of those scores are you? If you are basing it on info on one of the "free" websites those are generally not true Beacon or FICO scores and not accurate as far as what a lender will get when we check your credit. Double check with that company as to what scores they had. If there is a co-borrower their scores also count, the loan will be based on the lower of yours and their middle scores. If you do have two actual scores over 620 you may simply be running into a lender "overlay" - an additional condition that lender has to limit their risk in which case by all means talk to other lenders and see what their requirements are.

Jan 10th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

Both 663 and 661 are above 620.. and Lenders go by the Mid score, so if you only have 2 scores they will use 661.. and even if your 3rd score is below 620, it wont matter,, they would use 661.. but understand that it takes much more than a credit score to obtain financing... you need to meet all other eligibility requirements to get financing.. . I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 10th 2018
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