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Contact Information
Greg Ulrich
Loan Officer, Loan Officer, NMLS LO ID # 254799
Direct: (817) 812-2287
Fax: (608) 234-2407
Email: Send Email
Credit Score Requirements


Credit Score Requirements
Below are the current minimum requirements. Please keep in mind even if the below scores are met, this does not guaranty approval. Many times credit scores at the lower qualifying levels must have strong compensating factors.
FHA 580
VA 600
USDA 620
Conventional with less than 20% down 680
Conventional with more than 20% down 620
First off, what is a credit score? You can go to many websites and get the formal definition, but I don’t think it reflects what is truly is. My definition of a credit score is this…A three digit number which may or may not be completely accurate in regard to your future payment performance. Let me explain further. A three digit number 350 to 850. The better the number, the better the loan terms and rate you qualify for. The part above that says, “May or may not be completely accurate?”   Credit scoring is flawed. There are many violations we see on credit reports every day. The problem is it is very one sided. In other words, I may bring up a concern on your credit you did not know was there, yet you were never informed at the time there was going to be a derogatory item on your credit. Judge, jury and sentence all in the click of a mouse. Guilty before proven innocent. Like I said, “A flawed system.”
Why is a credit scoring system in use? This is where the majority rules. A credit score is used to predict your payment performance over the next two years. It is a score that is derived by what is on your credit report and how you have previously performed. Although it is a flawed system, it is an attempt to measure risk. And yes, the majority of people with a low score are not going to pay their bills on time. Make sure there is not inaccurate data on your report that places you in the high risk category. If you have habitual credit abuse, you will have a much lower score than someone who always pays on time that may have missed a $30.00 bill from the doctor’s office which is now in collection. The problem is I have seen a small recent collection drop a credit score from 760 to 660. In a case like this it cost the borrower a higher rate and costs because of the qualifying parameters for which they applied. What I am trying to help you do is keep your credit score as high as possible.
How do you protect yourself? Pay your bills on time. Avoid collections. Keep your revolving debts below 20% of the available credit limit. If you do have inaccurate data on your report, dispute it and get it removed. When you apply for credit, request a copy of your report and review it or sign up for a credit monitoring service.
Greg Ulrich, Loan Officer, Loan Officer, NMLS LO ID # 254799
Fairway Independent Mortgage Corp. NMLS Entity ID#2289
1340 S Main St, Suite 195, Grapevine, TX  76051
Direct:  (817) 812-2287
Fax:  (608) 234-2407
Copyright © 2018 Fairway Independent Mortgage Corp.
Complaints regarding mortgage bankers should be sent to the Texas Dept. of Savings and Mortgage Lending, 2601 N. Lamar, Suite 201
Austin, TX 78705.
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