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The score on the left is from http://www.creditkarma.com and the score on the right is from http://www.Equifax.com .

The scores were pulled on the same date, but the difference in score is 27 points.

The Credit Karma site uses a “Vantage 3.0” scoring model, the Equifax site uses an “Equifax Credit Score™”.

If you are applying for a mortgage or auto loan, most banks in the U.S. use a “FICO” score to approve your loan.  The credit scores on Credit Karma and Equifax.com are not a FICO score.  The only site on the internet that will sell you a “Mortgage FICO score” or an “Auto loan FICO score” is http://www.myfico.com .

For more information on how to better understand credit scores, your credit report, what to do about negative information on your credit report you can contact me direct for a consultation.

Jason Hall

President and Certified Credit Expert

Direct- 

Almost every person I speak with about their credit, they monitor their scores through Credit Karma.  It’s free, which is typically the reason why it’s used.  But that old saying, good isn’t free..and free isn’t good comes to mind.

So I had the idea of checking in on Credit Karma’s rating and reviews on the Better Business Bureaus website.  And here’s their rating…

I also pulled one of the reviews from the website…

“I recently used Credit Karma in Canada (where I live) to determine if I would be able to get a mortgage on a new home. My score from them show my credit to be well into the good category at 716. I then approached a company for a mortgage ( I would never have considered this with a bad score). I was contacted within a few hours that my credit score was 618. I asked this company…

Source: Frequently asked questions about the lending process

Where do buyers begin?

Haley Newton, a loan officer with Starkey Mortgage in Sherman, said the first step in the buying process is not finding a house, rather it’s getting prequalified for a home loan. Buyers need to first find out how much house they can afford and if they can actually purchase a home.

“A lot them want to know what the first step is, and many people believe that the first step is finding a house, but that’s actually the second step,” Newton said. “You want to get prequalified with a local lender to know what you’re prequalified for, and then go out and find a house, which is the hard part.”

What documents do buyers need to provide to get prequalified and preapproved?

Prequalification is typically the quick and easy initial step and preapproval is a more involved process…

Louisville Kentucky FHA Seller contributions can make a big impact for a first time home buyer struggling to save the required 3.5% down payment let alone all other related fees. A seller who understands the benefit and has the ability to offer assistance could make the difference between purchasing a home now and continuing to rent.

Louisville Kentucky FHA Maximum Seller Contributions

Louisville Ky FHA guidelines allow the seller to contribute up to 6% of the sales price toward the buyers closing costs, discount points, and prepaids. The seller is also allowed to pay the upfront mortgage insurance premium (MIP) which is typically rolled into the cost of the loan.

Common FHA Closing Costs:

Below is a list of customary fees associated with an Kentucky FHA loan. This is only an example of costs the seller may pay on your behalf and does not include all allowable costs per…