Donna47129 Posted November 19, 2007 Report Share Posted November 19, 2007 Hey guys,A couple of years ago my DH and I applied for a mortgage. We were told what our "combined fico score" was at the time. I have done a search and can't find what this is. Does anyone know how they arrive at this type of score? Is it simply averaged based on my scores and his, or is it a whole different model in itself?Thanks in advance... Link to comment Share on other sites More sharing options...
Hellard Posted November 19, 2007 Report Share Posted November 19, 2007 my mom had something noted on mortgage papers i was looking over--it looked like the broker took the middle score of the 3 reports from both of them THEN added those then dividied by 2...not sure if this is TRUE WAY or just something out of the thinair? Link to comment Share on other sites More sharing options...
savymicheal Posted November 19, 2007 Report Share Posted November 19, 2007 wrong..wrong..wrong...wrong... What mortgage brokers do,is pull the fico scores on both spouses and use the lowest score. If one spouse has a higher fico scores than the other then that spouse should apply under there name only and of course add the other spouse to the title! Link to comment Share on other sites More sharing options...
Amerikaner83 Posted November 20, 2007 Report Share Posted November 20, 2007 Correction - They don't "use the lowest score". They use BOTH person's scores - and they take the mid-score of each person's. Example - Let's say I have a 550,600,and 650 FICOs. My midscore is 600 - that's what most lenders will use. My DF may have 750, 775, and 800 - her mid is 775. They would use MY mid of 600 and HER mid of 775, BOTH. Link to comment Share on other sites More sharing options...
LVMortgageMom Posted November 20, 2007 Report Share Posted November 20, 2007 And just to add to that, your scores are not just used for qualifying purposes, they may also be used to determine your intrest rate as well as how much your monthly mortgage insurance payment may be. So keep in mind that just because you are told that you may only need a "620" to qualify, there are other factors that utilize your score to determine your monthly housing payment. Hope that makes sense. Link to comment Share on other sites More sharing options...
Donna47129 Posted November 20, 2007 Author Report Share Posted November 20, 2007 Thanks so much for the info guys/gals! Link to comment Share on other sites More sharing options...
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