After you get all that worked out, your next step will be to find an agent to work with. I would love to speak with you about that so give me a call at 678-520-3113.
For a mortgage, a tri-merged credit report will be obtained from Equifax, Experian, and Trans Union. The scores will be ranked numerically. The middle score will then be used as the representative credit score. The lowest representative score of all borrowers will then be used to assist in determining eligibility. That score is generically termed the â€œFICO scoreâ€.
The minim credit score required will vary by loan program. In addition to the credit soccer, the actual credit profile along with income and asset information will determine ultimate mortgage program eligibility.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
As a lender we use the mid score of all three. You have a high a low and a middle.. we have to use the middle score.
If I can assist you please let me know. I am a direct endorsemnet lender and have 23 years of originating experiance. I thank you for the opportunity.
Sr. Mortgage Loan Officer
"The Veteran of Real Estate"
Keller Williams Realty Signature Partners
Linked In: http://www.linkedin.com/pub/david-zimmerman/44/326/264
Mortgage lenders use a Residential Mortgage Credit Report (RMCR). Often you will see different scores than what you purchase online, because the formulas are different. Lenders place a heavier weighting on installment payments, especially mortgage histories.
This report is referred to as a "tri-merge" report because it pulls data from all 3 credit bureaus.
We will use the middle of your 3 scores for qualification purposes.
You should speak to a lender ahead of applying for a mortgage, because a loan officer can review your report with you and identify any areas that might need work prior to applying. This is much easier than trying to do it yourself since there is a lot of misinformation on the internet.
Hope this helps!