Here is Number 2 and 3 or the Whats of Home Mortgage
2. What is a home loan credit report and the FICO score? A home loan credit report is a report called a “Tri-Merge Credit Report.” It is a credit report that merges your credit report form all three Credit Bureaus. The three are Trans Union, Experian and Equifax. It will combine all into one. The FICO score is the number that each credit company establishes for you. They use credit lines (credit cards, car loans, home loans etc…), account balances, current and late payments, collections, foreclosures, short sales, and derogatory to calculate a FICO score.
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3. What is the minimum credit scores need for a home loan? The minimum score is 640 for a FHA home loan. In some cases a score of 620 can obtain a FHA home loan. For a conventional loan the minimum score is 640, but you with the lower the credit score the higher the interest rate. With FHA the interest rate does not adjust with the FICO score.
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