A lender pulls three credit reports to issue a mortgage? Yes, potentially. One when you get pre-qualified, another at loan application, if loan application and settlement happens 120 days or more after pre-qualification, then the third check is just before settlement! Yes, now Fannie Mae, Freddie Mac, FHA, and all the rule makers require lenders to check for credit activity just a day or two prior to settlement. Read the rest of this entry »
The latest minimum credit scores are simple for an FHA loan. If you have at least a 620 credit score, you can get an FHA loan.
With Conventional loans, a 720 credit score is preferable. You may get a loan with a lower credit score, but it would cost more points (i.e. an “add-on”).
There are complicated matrices used on Conventional loans and those may show that a lower credit score can still get a Conventional loan, but trust that if you are going for a Conventional loan its best to have a 720 credit score.