FHA Loans - FHA Mortgages -- What's behind the credit score....
By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
Credit scores..... aka fico scores. I am a firm believer that you can't believe in everything that you read. As you can see the illustration to my left, that it states that the average credit score is 678. I have a hard time believing this and just talked to a few loan officers and even a credit specialist about this. I just don't believe that 678 is the average credit score. If I had to put a number on it, I would say 610 to 620. Why am I bringing this up? With so many changes to conventional loans and FHA loans when it comes to credit scores, it's been more costly for those applying for a conventional loan. Conventional loans -- If you have less than 30% down with credit scores below 680, you will have pricing hits to your points or to the rate. Even if you don't see the hits,...
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