suzann1234 Posted May 2, 2003 Report Share Posted May 2, 2003 I am beginning the process for a 1st time home purchase. I have done a lot to clean up my credit and my current fico is 688. Is that high enough to get the lowest interest rates, or should I do some more things to get it higher.Also does anyone know if you receive the same types of tax deductions with a co-op purchase?Please come visit my site for homebuying tips and some laughs--www.buymy1sthome.com Link to comment Share on other sites More sharing options...
creditmess Posted May 2, 2003 Report Share Posted May 2, 2003 you are high enough (considering that 688 is your middle score) for FHA loan with 3% down or no money down.... Link to comment Share on other sites More sharing options...
suzann1234 Posted May 2, 2003 Author Report Share Posted May 2, 2003 You refer to a FICO "middle score" what is that? Link to comment Share on other sites More sharing options...
creditmess Posted May 2, 2003 Report Share Posted May 2, 2003 the take the scores of all the 3 agencies and they pick the middle one... Link to comment Share on other sites More sharing options...
kb9tbq Posted May 3, 2003 Report Share Posted May 3, 2003 All three credit reporting agencies sell a seperate FICO score to the mortgage lender; in general they will take the middle of the three scores. Of course the CRAs don't give consumers the same scores which lenders view since they are using a different model all together. So you can count on a 20 to 50 point difference between what you see; and what they will see. But for absolute best rates above 720 is great.But remember that the scores just get you in the door; how much you get relys on your debt to income ratio. Link to comment Share on other sites More sharing options...
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