Sr. Mortgage Banker
NMLS # 659743
Two points here...
First, there are many online companies proclaiming that they can give you your FICO score. Make sure you are getting the one that lenders use for decision-making; there are many pretenders out there, so I only recommend annualcreditreport.com to my clients IF they intend to pull their own credit.
Second, most lenders will make a lending decision based on ALL of your scores from the three major credit bureaus. In most cases, two of the three scores must meet the lender's minimum standards for them to consider extending the loan.
Give me a call if I can connect you to any credit or lending professionals. I am happy to help in any way I can. I also wrote a short article entitled, "What You Need to Know about Maintaining a Healthy Credit Score." It is very useful for understanding how the U.S. Credit bureaus calculate your score. Let me know if I can send you a copy!
Wishing you all the best,
P.S. Via annualcreditreport.com, you can obtain your credit report free of charge from each of the three credit bureaus - Experian, Equifax and TransUnion - once a year. Although the report itself is free, you will have to pay to receive your credit scores.
Also, most of the USDA for Gardner is gone, just a few limited areas of Gardner are available now as of Sept 31st
Hi Kansas Resident,
That's actually not true. USDA is not changing anything until March 27th 2013.
See my blog post here on Trulia by clicking the link below.
Most of Gardner is eligible for the no money down USDA mortgage but you need at least a 620 middle credit score for it. You're not that far off and it may be something that can be "fixed" in a matter of 2-3 days with rapid re-scoring.
One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.
Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.
The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.
Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.
Senior Mortgage Banker
Peoples Bank & Trust
email me at email@example.com
or call me at 913-707-6884 and we can get you squared away and start looking for houses!