Your Mortgage Readiness Report
A snapshot of where you stand today, exactly what you qualify for, and the highest-impact things you can do to improve your position - in the order I'd actually recommend.
Executive summary
- Your overall credit card utilization is 94% - estimated +60 to +120 points
- You have one or more accounts over their credit limit - estimated +10 to +30 points
- 18 credit inquiries in the last 12 months is high - estimated +0 to +15 points
Your credit scores
Scores shown are FICO mortgage scoring models (FICO 5 / FICO 2 / FICO 4) used by mortgage lenders. These differ from consumer-facing scores you may have seen on Credit Karma, your credit card statements, or other free services, which typically use VantageScore or FICO 8.
What's hurting your score most
- •proportion of balances to credit limits too high on bank cards
- •length of time accounts have been established
- •too many inquiries last 12 months
- •proportion of balances to credit limits is too high
- •proportion of balance to limit is too high on bank revolving
- •too many inquiries in last 12 months
Your personalized action plan
Following this plan, our conservative estimate is +48 to +100 points to your mid-score over the next 30 to 90 days. 2 of these actions can be accelerated via rapid rescore (3-5 business days after paydown reports).
Your overall credit card utilization is 94%
Credit utilization (balances divided by limits) is the second-most-impactful FICO factor, behind only payment history. Your current revolving utilization is 94%. Getting it below 9% on every card typically produces the largest single jump in your mortgage score.
| Account | Current | Limit | Target | Paydown |
|---|---|---|---|---|
| CAPITAL ONE BANK USA NA(rapid) | $2,850 | $3,500 | $315 | $2,535 |
| CAPITAL ONE BANK USA NA(rapid) | $1,980 | $2,500 | $225 | $1,755 |
| CHASE CARD SERVICES(rapid) | $4,120 | $4,500 | $405 | $3,715 |
| DISCOVER FINANCIAL SERVICES(rapid) | $3,480 | $3,800 | $342 | $3,138 |
| AMERICAN EXPRESS(rapid) | $2,850 | $5,000 | $450 | $2,400 |
| BANK OF AMERICA(rapid) | $4,800 | $6,000 | $540 | $4,260 |
| CITICARDS(rapid) | $2,950 | $4,000 | $360 | $2,590 |
| SAMS CLUB / SYNCB | $3,606 | $3,530 | $318 | $3,288 |
| WELLS FARGO BANK(rapid) | $28,450 | $30,000 | $2,700 | $25,750 |
You have one or more accounts over their credit limit
When a credit card balance exceeds its credit limit, the credit scoring models treat it as a serious red flag. Bringing every card under its limit immediately is the single highest-impact thing you can do right now.
| Account | Current | Limit | Target | Paydown |
|---|---|---|---|---|
| SAMS CLUB / SYNCB | $3,606 | $3,530 | $1,024 | $2,582 |
18 credit inquiries in the last 12 months is high
Each "hard" credit inquiry from a new account application can knock a few points off your score, and a high cluster of inquiries signals risk to scoring models. Each inquiry stays on file for 24 months but the score impact fades after 12.
9 cards are reporting above 29% utilization
FICO looks at individual-card utilization in addition to overall utilization. Even if your total utilization is low, any single card above 29% can drag your score down.
| Account | Current | Limit | Target | Paydown |
|---|---|---|---|---|
| CAPITAL ONE BANK USA NA(rapid) | $2,850 | $3,500 | $980 | $1,870 |
| CAPITAL ONE BANK USA NA(rapid) | $1,980 | $2,500 | $700 | $1,280 |
| CHASE CARD SERVICES(rapid) | $4,120 | $4,500 | $1,260 | $2,860 |
| DISCOVER FINANCIAL SERVICES(rapid) | $3,480 | $3,800 | $1,064 | $2,416 |
| AMERICAN EXPRESS(rapid) | $2,850 | $5,000 | $1,400 | $1,450 |
| BANK OF AMERICA(rapid) | $4,800 | $6,000 | $1,680 | $3,120 |
| CITICARDS(rapid) | $2,950 | $4,000 | $1,120 | $1,830 |
| SAMS CLUB / SYNCB | $3,606 | $3,530 | $988 | $2,618 |
| WELLS FARGO BANK(rapid) | $28,450 | $30,000 | $8,400 | $20,050 |
Use this order when paying down credit cards
How you sequence paydown matters. FICO penalizes the number of accounts carrying a balance as a separate factor, so the optimal order is: (1) pay one small-balance card to zero first, (2) then pay remaining cards down to under 9% in order of highest current utilization, (3) keep one or two cards reporting a small balance (1-5%) rather than zero on every card. Some mortgage scoring models reportedly dip a few points if every revolver reports $0.
Some older collections are approaching the 7-year fall-off date
Under FCRA, most negative items must be removed 7 years after the date of first delinquency. Paying or settling a near-fall-off item can sometimes reset the reporting date on some bureaus, hurting your score. Sometimes the best move is to do nothing and wait.
| Account | Current | Limit | Target | Paydown |
|---|---|---|---|---|
| AMERICAN EXPRESS | $2,850 | — | $2,850 | $0 |
1 authorized-user account on file
Authorized user accounts can be excluded by mortgage underwriting (rules vary by program and lender). They also belong to someone else, so any changes the account holder makes affect your score, not theirs.
| Account | Current | Limit | Target | Paydown |
|---|---|---|---|---|
| LOWES / SYNCB | $0 | $5,000 | $0 | $0 |
You have an existing mortgage on file
We can also look at whether refinancing your current mortgage makes sense alongside any purchase plans. If rates have moved or you have equity to pull, the refi math is worth running.
| Account | Current | Limit | Target | Paydown |
|---|---|---|---|---|
| FREEDOM MORTGAGE CORP | $518,486 | — | $518,486 | $0 |
What you can afford
Each program below is shown at TRUE agency minimums - no lender overlays. These are real eligibility paths today, not retail-bank guesses.
FHA
Most lenders cap FHA at 620 or 640. We lend to HUD's actual 500 minimum.
Program requirements
- 500-579 FICO: 90% LTV (10% down)
- 580+ FICO: 96.5% LTV (3.5% down)
- AUS-driven DTI; 56.99%+ possible with compensating factors
- 2 years after Chapter 7 discharge / 1 year Chapter 13 with court approval
- 3 years after foreclosure
- County loan limits apply
USDA
Program requirements
- 640+ FICO: streamlined GUS approval
- 580-639 FICO: manual underwrite with compensating factors
- Property must be in a USDA-eligible area (check eligibility.sc.egov.usda.gov)
- Household income at or below 115% of AMI
- Upfront fee 1.0% (financed), annual fee 0.35%
- 3 years after Chapter 7 / 1 year Chapter 13
Conventional (Fannie / Freddie)
Program requirements
- 620 minimum (agency floor - cannot go lower)
- DU/LPA approve/eligible with DTI up to 50%
- PMI required above 80% LTV; removable at 78% original value
- Conforming loan limit applies (varies by county)
- 4 years after Chapter 7 / 2 years Chapter 13 / 7 years after foreclosure (3 with extenuating circumstances)
- Income limits on HomeReady / Home Possible (80% AMI)
Non-QM Bank Statement (Self-Employed)
Program requirements
- 600+ FICO (vs. typical 660+ overlay)
- 12 or 24 months personal or business bank statements
- Up to 90% LTV
- DTI calculated from deposits
Non-QM 1099-Only
Program requirements
- 620+ FICO
- Most recent 1099(s) and YTD income statement
- Up to 85% LTV
Non-QM Asset Depletion
Program requirements
- 620+ FICO
- Liquid assets in investment, retirement, or savings accounts
- Up to 80% LTV
Non-QM ITIN
Program requirements
- 600+ FICO
- Valid ITIN
- Up to 80% LTV
- DPA typically not available
Jumbo
Program requirements
- 660+ FICO (some products start at 680)
- 6-12 months reserves
- Loan amount above county conforming limit
Rate estimates above are illustrative ranges based on current wholesale market pricing and your credit profile. Your actual rate and APR depend on day-of-pricing, lender, loan-level price adjustments, lock period, loan amount, occupancy, property type, and other underwriting factors. This is not a commitment to lend, an offer to extend credit, or a Loan Estimate as defined by TILA-RESPA.
Down payment assistance you may qualify for
Programs below match your state, score, and homebuyer profile. Final eligibility depends on income, property type, and homebuyer education completion - we'll confirm during your consult.
NextHome
Down payment and closing cost assistance paired with a MFA first mortgage; no first-time homebuyer requirement.
FHA Down Payment Assistance
2.5%, 3.5%, 5.0% of purchase price
Up to 5% assistance for down payment and/or closing costs
FHA Down Payment Assistance
3.5%, 5.0% of purchase price
Up to 5% assistance for down payment and/or closing costs
Chenoa Fund DPA Edge (FHA, Forgivable)
3.5% of purchase price
Forgivable down payment assistance for moderate-income buyers
Chenoa Fund DPA (FHA, Repayable)
3.5%, 5.0% of purchase price
No income limit DPA option for FHA buyers
Essex DPA Grant (FHA, No-Lien Grant)
3.5%, 5.0% of purchase price
True grant - no second lien, no payment, no recapture
Essex DPA Grant (Conventional)
3.0% of purchase price
Conventional grant pairing for HomeReady and Home Possible
HomeReady $2,500 Credit
Fannie Mae credit for very-low-income HomeReady buyers
Next steps
- Book a free 15-minute strategy call - email jennifer.kirby@loanfactory.com to schedule
- Start your application at ratedirect.my1003app.com (takes about 10 minutes; secure SSL)
- Work through your action plan above. Send proof of paydown (statements showing the new lower balance) and we'll initiate rapid rescore where available.
Appendix: account summary
Jennifer Kirby - NMLS #2672337 · Loan Factory, Inc. | NMLS #320841 | Equal Housing Opportunity · Licensed in NM
Important: This report is part of a mortgage pre-qualification consultation. It is not credit repair services. We do not charge for credit consultation. Estimated score impacts are based on general FICO scoring principles and are not guaranteed. Your actual results will vary based on your unique credit profile and the timing of creditor reporting.
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
Credit was pulled with your authorization as part of your mortgage application. You have the right to a free annual credit report at annualcreditreport.com, and to dispute inaccurate information directly with the credit bureaus under the Fair Credit Reporting Act (15 U.S.C. § 1681).
We treat your personal financial information as confidential. Information you provide and information we collect from credit reports is used solely to evaluate your mortgage eligibility and is shared only with service providers necessary to process your loan. See our privacy policy at ratedirect.net/privacy for details.
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