Frequently Asked Questions

Lenders will check your credit scores when you are requesting to be pre-qualified or pre-approved for mortgage financing, from all three credit bureaus (also known as repositories) – Experian, Equifax, and TransUnion. Mortgage lenders will always use the middle of the three credit scores obtained to determine the credit score to be used on the loan application. If there are two borrowers, the lowest of the two middle credit scores will be used for the loan. If for some reason the borrower only has two credit scores reporting, the lower of the two scores will be used.

Minimum credit scores vary by the type of loan product you are requesting. Government loan programs such as FHA and VA mortgage products have a minimum credit score of 620, Conventional conforming and super conforming loan programs such as those offered by  Fannie Mae and Freddie Mac have a minimum credit score of 620, while Jumbo loan products have a minimum credit score of 720. These minimum credit scores do vary over time and can move higher or lower depending on interest rates, delinquencies, and overall risk in the marketplace.

Not all lenders have the same minimum credit score requirements, so as always, continue to shop to determine the most suitable lender for your specific transaction. Also remember, the credit scores you obtain from 3rd party vendors such as credit card companies may not reflect your true credit scores, to get accurate scoring work with your preferred mortgage lender, or request your credit scores directly from Experian, Equifax, and TransUnion.

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