Home Buying in 07866>Question Details

Hamza Saeed, Renter in Rockaway, NJ

Do I have to have 3 Credit Scores in order to buy and house?

Asked by Hamza Saeed, Rockaway, NJ Sun Mar 25, 2012

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10
Yes you do. Let me know if you would like to talk about it in more detail. Thank you. Edwin
1 vote Thank Flag Link Sun Mar 25, 2012
Hamza you don't need to have three credit scores to buy a home. When three score are available most banks will use your middle score for you loan determination. If you have a least two that is okay as well. When only two scores are available we will use the lower of the scores for your loan determination.
It's even possible to get a FHA loan with no credit scores with my firm. The documentation is much greater and the loan would have to be manually underwritten and require a second signature by senior mgmt.
0 votes Thank Flag Link Mon Mar 26, 2012
What most people don't understand is that the numbers they get by getting their own scores are usually not the same numbers that a mortgage broker will get. Your numbers will be different if you go directly to the companies. You need the FICO scores but there's no reason why you would not benefit from discussing it with a mortgage broker who will get the correct scores. Feel free to contact me if you would like a good referral. TeamHelene@KW.com
0 votes Thank Flag Link Sun Mar 25, 2012
Its not a bad idea to run them yourseld to make sure there are no problems
Check out the government website: http://www.annualcreditreport.com
The report itself is free.
To get the scores, there is a small fee
0 votes Thank Flag Link Sun Mar 25, 2012
Generally the mortgage company will run a credit check that will include all three credit scores. However, that is only one factor that goes in to their decision as to whether you can qualify for a mortgage. I would be happy to refer you to someone if you'd like, my mortgage partner is excellent. If anyone can get you a mortgage, he can. Just reach out to me at smacdowell@kw.com and I will put you two in touch with one another.
0 votes Thank Flag Link Sun Mar 25, 2012
Your mortgage rep will run your credit, and get them all. If you have a problem with one you can get that back on track. Good luck!
0 votes Thank Flag Link Sun Mar 25, 2012
Hi Hamza,
Yes, you need three credit scores? Do you have children in Lincoln or TJ school?
0 votes Thank Flag Link Sun Mar 25, 2012
What is needed most is a mortgage preapproval which your banker can provide for you at no charge. That will also let you know what your true buying power is (including taxes)
0 votes Thank Flag Link Sun Mar 25, 2012
What is needed most is a mortgage preapproval which your banker can provide for you at no charge. That will also let you know what your true buying power is (including taxes)
0 votes Thank Flag Link Sun Mar 25, 2012
Hello Hamza, You don't have to have 3 scores in order to buy a house. But there should be a reason why you don't have all three scores and at times it's possible to review and get that issue fixed and to get all three bureaus to report information correctly to generate three scores. To go back to your question - depending on the type of financing you're going to apply for you may use a co-borrower (occupying or non-occupying) with all three scores and that will be acceptable by the lender. Usually the lender wants to see 3-4 existing active trade lines/credit cards on your credit report. The lack of them might be the reason of 2 fico scores instead of 3.
0 votes Thank Flag Link Sun Mar 25, 2012
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