How Does Credit Affect My Mortgage Rate?

When you apply for a mortgage, your credit will be pulled during the Application Process.

What is AmeriSave’s minimum credit score?

The minimum credit score for AmeriSave is 620 for our conventional products. FHA, VA, and USDA loans require a minimum credit score of 600.

Which credit score is used to determine what I qualify for?

The credit report used for your mortgage application provides three credit scores for each applicant. These credit scores are supplied by Experian, Trans Union and Equifax. AmeriSave uses the middle of the three credit scores or the lowest credit score if only two are provided.

For applications with multiple applicants for which three credit scores are supplied, AmeriSave uses the lower of the middle credit scores. For applications with multiple applicants for which two credit scores are supplied, AmeriSave will use the lowest of the scores.

Why are my credit scores different than what I saw on a report I pulled?

Typically when you have your own credit pulled, you receive a consumer credit report. Mortgage transactions use a tri-merged report which may contain more details than a consumer report.

How do late mortgage payments, debt consolidations, short sales, foreclosures and bankruptcies affect qualifying for a mortgage?

If you have had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we generally require two to four years to pass after the bankruptcy and 7 years after a foreclosure. It is also important that you re-established an acceptable credit history.