Discussion in 'Credit Talk' started by mindylou, Jun 17, 2001.

  1. mindylou

    mindylou Well-Known Member

    Hi I am new to the board reading for about one week now. Just wanted to let everyone know how great this board is and it has provided me with much needed information. I also have questions. What kind of APR on a home loan with a 635 FICO and is the FICO score what most lenders use for doing a home loan. Thanks for all your help. YALL ROCK. MINDYLOU
  2. Momof3

    Momof3 Well-Known Member

    When applying for a mortgage they will run what is known as a merged report, this is all 3 reports from each agency. Fico is generated from Ex, Beacon is from EQ and Emperica is from TU. They will then take the middle score and use this for your loan qualifications. Depending on what loan program you are getting 635 should be okay for FHA , these loan programs aren't score driven. I have known people who have gotten conventional loans with scores in that range . If going conventional you may have to pay a higher rate with that type of score.
  3. NanaC

    NanaC Well-Known Member

    Mindy, I second Mom's should be fine! My middle score was 651..but hubby's was 629 and we are getting FHA! :)

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