Florida Home Loans News

New Credit Score System Might Make It Easier to Get A Mortgage

FICO scores are used by banks, credit card issuers, car lenders, and other businesses to decide whether or not to lend money to consumers and how much interest to charge. A higher score can make it easier for consumers to qualify for mortgages and car loans and get lower interest rates.

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When your mortgage lender checks your credit reports will this hurt your. why hard inquiries — the first step to getting new credit or debt. that a hard inquiry will only cause your credit score to drop by five points at the most.

Forbes: New Credit Score System Might Make It Easier to Get A Mortgage November 1, 2018 / by Finicity Editor In The News In this article, finicity ceo steve smith speaks with Aly Yale from Forbes to take a deeper dive into what the new UltraFICO score will mean for mortgage lending – particularly how it will help increase financial inclusion and give consumers more control over their financial options.

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The credit score you need to get a mortgage varies, as there’s no one credit score or universal ‘magic number’. However, if you have a good credit score from one of the main credit reporting reference agencies such as Experian, you are likely to have a good credit score with your lender.

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 · If your middle score is below 500, you might not be able to get approved for a home loan and may have to focus on building your credit first. With a middle score of at least 500, a government-backed FHA loan could be an option if you can afford a 10% down payment.

For millions of Americans, it might soon be easier to get a mortgage loan – or any type of loan, for that matter – especially if they fall in the 500 to 600 FICO score range or have little to no credit history at all.

It's possible to qualify for an FHA loan with a credit score of 600, 620 or 650.. 600 and 650 probably won't prevent you from getting an FHA-insured mortgage loan.. HUD has two official cutoff points for borrowers who use this program.. 500 and 579 may qualify for the program, but will have to put down at least 10%.