Finance
What is 'credit scoring' and how does it affect Oregon mortgage applicants?
AA method for scoring real estate agents' performance
BA numerical score (FICO) based on payment history, debt levels, credit history length, and other factors that determines loan eligibility and interest rates✓ Correct
CA state system for scoring Oregon properties
DAn automated system for scoring buyer offers
Explanation
Credit scores (FICO scores ranging 300–850) assess a borrower's creditworthiness based on payment history, amounts owed, length of credit history, credit mix, and new credit. Oregon mortgage lenders use credit scores to determine loan eligibility, required down payment, and interest rates. Higher scores qualify for better rates; most conventional loans require a minimum score of 620–640, FHA requires 580+.
Related Oregon Finance Questions
- In Oregon, what is a 'wraparound mortgage' (all-inclusive trust deed)?
- Private mortgage insurance (PMI) is typically required when a buyer's down payment is:
- A buyer in Corvallis asks about an 'assumable mortgage.' A loan with an assumable feature means:
- A mortgage that includes only interest payments for the first 5 years and then adjusts to amortizing payments is called:
- Which government-sponsored enterprise (GSE) focuses specifically on multifamily housing and apartment building loans?
- In Oregon, which type of deed is typically used to convey title from the trustee to the buyer at a non-judicial foreclosure sale?
- What is the purpose of 'title insurance' from the lender's perspective?
- Which of the following best describes a 'wraparound mortgage'?
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