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Mortgage happy

You may be surprised to learn that a 760 Vantage score isn’t bad when it comes to mortgage lending – it’s still considered in the great/excellent credit category.  Vantage scores are not what the mortgage lending industry uses, we use FICO scores.  Other than from a mortgage loan officer, you can get your FICO scores at the website www.myfico.com (only Equifax & TransUnion though, as Experian no longer allows consumers to get their FICO scores directly on their own).  In mortgage lending a 740 middle (median) FICO score is considered excellent and qualifies for the best terms.  However even a 620 score can qualify for conventional financing, and is what most lenders minimum credit score requirements are today.

However to answer your question about lenders who will qualify someone based on their assets & income rather than credit score are usually private or hard money lenders at with terms less attractive than from traditional banks.  There are also community banks that are willing to lend based on unconventional guidelines, community banks which would retain ownership of the loans rather than selling them on the secondary market (which means they don’t need to conform to someone else’s guidelines).

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