To use Morty, you will need a FICO credit score of 600 or greater.
All accounts on your credit report must be current. Only one 30-day past due payment is permitted in the last 12-months. If you have any outstanding non-medical collection or charge-offs, the balances cannot be more than $2,000. Non-traditional credit is not supported.
We'll use the information on the credit reports we pull to determine your mortgage eligibility. When you're ready, we'll actually pull credit reports from all three of the major credit reporting bureaus: Equifax, Experian, and TransUnion. If the scores differ, we'll use the middle score for eligibility and pricing.
If you think there may be negative data on your credit reports that should be addressed before you officially apply for your mortgage, it might be wise to check your credit on your own before completing your Morty profile. If you need to boost your credit score before moving forward with a home purchase, we have partners in our marketplace that can help you do that. Contact us to learn more.
If your credit report shows a significant derogatory event, like a bankruptcy or foreclosure, you may still be eligible for a mortgage if sufficient time has passed. Morty follows Fannie Mae guidelines regarding waiting period requirements after significant derogatory credit events. Other loan programs have different waiting periods if you don't meet Fannie Mae's requirements.
For more information or for help understanding your options, we recommend speaking to a HUD-Approved Housing Counselor in your area.