Ever wondered where the folks in NC stack up when it comes to credit? According to Karma Credit – we are (on Average) a little lower than folks in Virginia -and a little higher than folks in South Carolina. I mention this because most “free credit report” services don’t offer you a score… and they aren’t free.
Karma does give you a score – but it’s not a FICO score. It’s based upon other Scoring Models. So a number you get from this report will not be the same as the number I have from a Mortgage Report… but it’s still interesting!
Credit Score requirements for Government insured loans through the Fannie and Freddie Automated Credit Score Approval system have gone up to 640.
Can Underwriters override the “Automated” Approval systems? Yes. There are situations where the Underwriter is being TOLD to overwrite the Automated Systems. In fact, FHA Home Loans NC just came out with a program designed to HELP folks who had a credit problem due to a job loss, reducing the time you must wait to buy a house to only 12 months.
If you are interested in getting your credit scores up to the Average – call us! We help people improve their FICO score! Steve Thorne, Mortgage Loan Officer in Cary , 919-649-5058
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