Which credit score do mortgage companies use for qualification?
Most mortgage lenders use your FICO® score — specifically, older versions of it — when evaluating your application.
credit
I am under contract for a home, but forgot to mention to my loan officer about a small loan I took out recently, am I in trouble?
Short Answer:
Probably not. This will be highly dependent upon how much the monthly payment is for that new loan vs your current debt to income ratio.
Longer Answer:
Buying a home is
What is non-traditional credit?
Nontraditional credit refers to credit information that is not typically included in a traditional credit report from major credit bureaus.
Can my mortgage be declined because my credit score dropped after going under contract?
Maybe. Most mortgage lenders run a refersh of a credit report a few days before closing.
How much do credit inquires effect credit score for mortgage approval?
It depends upon the number and when they are pulled. For hard credit inquires, like inquires in a short period of time will be considered one inquiry against your credit score.