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Michael Kirkutis

What credit score is used to qualify me for a mortgage?

Thursday, September 19, 2013 - Article by: Michael Kirkutis - MAK Mortgage Company, Inc. - Message

When qualifying for a mortgage loan, we will pull your credit and credit scores from our credit vendor through the 3 major credit repositories, Experian, Trans Union and Equifax. Each credit bureau will assign you a credit score based on their respective credit modeling system. Once we obtain the scores, in CT, the mortgage lender will utilize the middle credit score if there are 3 available scores for a borrower. If there are two borrowers, the mortgage lender will utilize the lower middle credit score of the two borrowers. For example, if Borrower 1 has scores of 695, 705 and 711 and Borrower 2 has scores of 715, 721 and 725, then the mortgage lender would utilize the middle score of Borrower 1 of 705 as it is the lower middle score of both borrowers. The mortgage lender may have additional credit requirements such as minimum number of tradelines for a minimum number of months, etc. and the credit requirements can vary from mortgage lender to mortgage lender. Michael A. Kirkutis, Mortgage Loan Originator, CT DOB NMLS #111599MAK Mortgage Company, Inc., 31 Woodland Street, Suite MMA, Hartford, CT, 06105, CT DOB NMLS #103552,, 860-724-8097.

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