When it comes to securing a mortgage, your credit score can make a real difference in the rate you’re offered. The Federal Housing Finance Agency now allows approved lenders to use either VantageScore 4.0 or Classic FICO for mortgages. For borrowers with limited credit history, VantageScore 4.0 might open new doors—though it’s important to know that not every lender is on board yet, and if your loan goes through manual underwriting, Classic FICO is still required.
After 30 years of guiding folks through the mortgage maze, I’ve seen how the right credit profile can impact your options, especially if your income or background doesn’t fit the usual boxes. If you’re self-employed or your finances are a little outside the norm, understanding which score a lender uses can help you prepare and put your best foot forward. Getting the details right from the start is how I help clients cross the finish line, no matter how complicated the route.
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