Mortgage credit scores can be different than the scores given to consumers by other sources, such as credit card providers like Discover or credit services such as Credit Karma. Mortgage credit scoring generates three scores typically for each consumer with the middle score numerically being the qualifying score for the consumer. For a couple applying for joint credit, the qualifying credit score is the lower of the two middle scores. Be sure that your clients are not relying on outside sources about their credit scores as these can vary widely from the actual scores generated by a mortgage professional and that are used for loan pricing and qualifying in mortgage lending. Outside sources can be very misleading as evidenced by several recent examples where the outsides sources were higher by 60-100 points than the actual score used for mortgage purposes.
This is another good reason why it is best for buyers to talk with a local lender, get pre-approved first and start a relationship with a local Realtor at the beginning of their home search.