A Small Bit of Credit Information

A Small Bit of Credit Information.

You may know this, but for some reason I did not. I learned this at a lunch & learn with our mortgage broker today:

A. When running a single application, they use the middle of the three scores to determine your credit score.

B. If two people are on the same loan; both lowest middle score of the two people is used as the basis for their credit score.

Gift money: Say a couple is receiving money from parents/grandparents as a gift to make a home down-payment. If the couple holds the money in their account for 60+ days, the mortgage broker does not check back more than 60 days and the money is not seen as a gift. This is a

Just a bit of information I learned/relearned by dropping into class today!

Randy Morrow