Credit Resources
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FICO scores are only "guidelines"
and factors other than FICO scores affect underwriting decisions. Some examples of
compensating factors that will make an underwriter more lenient toward lower FICO scores
can be a larger down payment, low debt-to-income ratios, an excellent history of saving
money, and others. There also may be a reasonable explanation for items on the credit
history which negatively impact your credit score.
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FICO stands for Fair Isaac & Company, and credit scores are
reported by each of the three major credit bureaus: TRW (Experian), Equifax, and
Trans-Union. The score does not come up exactly the same on each bureau because each
bureau places a slightly different emphasis on different items. Scores range from 365 to
840.
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If you have a recent bankruptcy on your credit and are looking to
get financing for a home, there is hope. Buying a home with bad credit
will just put more emphasis on the other two factors needed to get a
mortgage loan, which are; income verification and a down payment.
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One of the most important factors in securing your home mortgage or refinancing your current mortgage is your credit score. Read our Credit Score FAQ and find out "What Effects Your Credit Score" and much much more.
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