FICO SCORING

The mortgage process can be a complex and daunting process.Mortgage approval requires a series of events that include the mortgage lender to investagate the homes value and the borrowers ability to repay
the money borrowed for the home in question.While the borrowers income and down payment are key to
this process,the FICO Score is a key factor in this process.
The FICO Score shows how much money the individual has borrowed,how much money they currently owe on each account.This report also shows if the individuals credit limits and if he/she has ever been late on the required payments on each account.Each of the three major credit reporting companies will rate the borrower with a potental low score of 300 and a high of 850.Each company will not have information from the  same reporting sources and lending institutions will interprate these scores through a slightly different lens. Typically the higher the FICO Score,the better rates and mortgage conditions will vary from one lending institution to another and a threshold minium "Good Score" will also vary from one institution to the next.
In Massachussetts,each person can receive a free copy of their FICO Scores by logging onto http://www.ficoscore.com/. If these reports are not accurate,there are mechanism to "fix" or correct the report.
If the FICO Score is low lending instutions may be unwilling to lend to an individual or specific mortgage programs may be unavailable to a borrower.There are ways to improve credit scores but they usually take some time.While the FICO Score is not the only factor in approving the buyer for a mortgage,its a key aspect of the mortgage process