Why does the middle score have to be 620 to buy a home when 1 0f your scores is 650?

Asked by Snowprincess69, Romeoville, IL Wed Mar 6, 2013

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Snowprincess…, Home Buyer, Romeoville, IL
Sun Mar 10, 2013
Typo.I need to know if a $5,000 in Medical bills stop me from buying a home.I'm making payment arrangements. I've paid of $650 of the $5,500 and paid all credit calls down to bal of $25 each. What can I do to be in my own home by summer. With also improving my middle score to 620
0 votes
Kawain Payne, Agent, Seal Beach, CA
Fri Mar 8, 2013
Lenders rely on the the middle score. This is why it is important to try and get all three scores up as high as you can.

It would be nice if they relied on the higher one, but they do not.

I would consult a mortage consultant and find out what you can do to improve the 620 score by 30 points. You may be surprised to find out that you can improve the lower score.


Best of Luck to You!!
Kawain Payne, Realtor
0 votes
, ,
Fri Mar 8, 2013
Hello;

Lender relies on the middle score to determine the credit quality; we work with lenders as low as 580. So if your high score is 650 and your other scores are not so great, we may be able to help you. Please visit our website: www. smartmortgageinc.com; or call me and I would be happy to help you.

Best regards,

Patty Harrison
Smart Mortgage Center
630-788-6200
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Fri Mar 8, 2013
If you only have 2 scores, the lender is going to use the lower score. If you have 3, lenders will use the middle. By the way.... those scores are fine to purchase a home.

Sean Cochran
Quality Mortgage Lending
630-470-6830 office
630-330-2229 cell
http://www.qmlending.com
* FHA loans down to a 580 Fico Score
* No Money Down Purchase Programs
*$100 Down Payment Purchase Programs
Unlimited loan to value refinances on Fannie and Freddie
Same Day Purchase Pre Approvals
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Mar 6, 2013
Snowprincess,
I've seen great discrepancies between high, low and middle scores. The banks decided, or I should say Fannie Mae & Freddie Mac who set the guidelines decided that that was the safe way to go. If you only have 2 scores, they choose the lower one.
Here's the good news, if you have a 650, you only need to work on one report to get your middle score up. Look at the accounts on your next best score; dispute any errors in writing to that agency. Pay down any balances to 1/3 or less of their high credit limits, DO NOT CLOSE any accounts, this will lower your score.
You may be able to improve one score in a few weeks on your own or in days with Rapid Rescore. Ask your lender about that program, it costs some money, but it's legitimate and it works.
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Wed Mar 6, 2013
Middle score is usually the one that counts. And some banks require 640, but there can be opportunities to rescore your credit quickly. If one is 650, the others could be closer with some minor modifications. Also, sometimes there can be manually underwrites that can help.

There are some really good prices and nice homes in this area. Worth a shot to speak to a lender. I can get you in touch with some lenders that can help you.

Please feel free to contact me.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
888-788-9544
suzanne@remarketingconsultants.com
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