Which credit score does a conventional lender use?
The score used for pricing can differ from the test used for approval. For Fannie Mae loans, a borrower’s middle of three scores, or lower of two, generally determines that borrower’s representative score.
What this actually means.
With multiple borrowers, the lowest representative score generally applies to Fannie Mae pricing. Certain manual eligibility reviews use an average of the borrowers’ middle scores instead. DU reviews the full file without a fixed minimum score. Ask the lender to explain the eligibility, pricing and mortgage-insurance rules separately.
A simple example
Illustration only. This is not an approval or a loan offer.
Where this can move.
Whose income is needed, both borrowers’ debts and credit, loan program, underwriting method, mortgage insurance and ownership plans.
Check the sources
Sources checked . Program guidance and lender requirements can change.
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More conventional questions on Credit.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.