New Credit Score System Might Make It Easier to Get A Mortgage

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Forbes: New Credit Score System Might Make It Easier to Get A Mortgage November 1, 2018 / by Finicity Editor In The News In this article, finicity ceo steve Smith speaks with Aly Yale from Forbes to take a deeper dive into what the new UltraFICO score will mean for mortgage lending – particularly how it will help increase financial inclusion and give consumers more control over their financial options.

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A mortgage loan also adds a significant installment loan to your credit file, and this is good for your mix of credit, which accounts for 10% of your credit score. A good credit mix indicates you can responsibly manage revolving credit accounts, such as credit cards, and installment loans, such as home and auto loans.

It’s Now Easier to Get a Mortgage Without a Credit Score Posted on September 26th, 2016 Fannie Mae has rolled out a new version of its automated writing system, known as Desktop Underwriter (DU) Version 10.0.

Mortgage pre-approval, without the pressure of a closing date, is easier than trying to engineer a full approval from the ground up. And having a pre-approved mortgage means you can close faster.

The new score is said to most benefit the 7 million consumers who fall into the upper 500 to low 600 FICO score range – usually just under a lender’s minimum credit threshold. It should also help the 15 million americans who have no credit score at all (due to never taking out a loan, applying for a credit card, etc.)

Will The New Credit Score System Help You Get A Mortgage? A new bill in Congress could significantly impact your ability to secure a mortgage by changing the way lenders look at credit scores. In December 2015, two members of the U.S. House of Representatives introduced a new bill.

Now’s the time to take stock of your credit cards, bank accounts and more. Make sure the cards you. your furniture may not.

How to Improve Credit Scores and Buy a House in NC. In general, you will need a credit score of at least 600 for a FHA loan, and 620 for a VA Loan. Conventional Loans usually require a minimum credit score of 660 – but credit scores over 720 will get the best pricing (today’s best mortgage rates).

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