Determining the Credit Score to Use

Representative Credit Score

The representative credit score for the loan is determined based on the credit scores of each borrower and is used to determine loan eligibility for Homium loans.. Follow these steps to calculate the representative credit score for a loan:

Step	Description
1	Homium recommends obtaining at least two credit scores for each borrower.
2	Select a single score for each borrower. When two credit scores are obtained, choose the lower score. When three credit scores are obtained, choose the middle score. (If two of the three scores are the same, choose the middle of the three scores. For example: 700, 680, 680 = 680; 700, 700, 680 = 700)
3	If there is only one borrower, the single score for the borrower is the representative credit score for the loan. If there are multiple borrowers, determine the applicable credit score for each individual borrower and select the lowest applicable score from the group as the representative credit score for the loan. If there is a borrower who does not have a credit score, determine the representative credit score for the loan based on the credit scores of the other borrowers on the loan.