New FICO Mortgage Score
(erate.com)
When you apply for a mortgage, ask your lender if it's using the new FICO Mortgage Score.
It could give you a better shot at a mortgage or home equity loan, especially if you are a non-traditional credit consumer .
The new FICO Mortgage Score considers a shift in consumer credit behavior and is 7.5 percent more predictive of how a borrower will handle a mortgage than the old FICO Score, according to analysis by CEB TowerGroup, a research and advisory firm.
The research reveals if more lenders switch to the new score, more consumers could qualify for home loans, at less risk to lenders.
Here is the full article… http://www.erate.com/fico-mortgage-score-ease-home-loan-underwriting-squeeze-bp.htm