Mortgage Glossary
FICO Score
The credit scoring model used by Total Quality Lending and most U.S. mortgage underwriting. Drives both eligibility and pricing tiers.
What is a FICO score?
FICO is the credit scoring model developed by Fair Isaac Corporation. It ranges from 300 to 850 and quantifies a borrower’s credit risk based on payment history, outstanding debt, length of credit history, credit mix, and new credit inquiries. It is the dominant scoring model in U.S. mortgage underwriting.
On a single-borrower file, the lender pulls scores from all three bureaus (Equifax, Experian, TransUnion) and uses the middle of the three. On a joint file with two borrowers, the lender uses the LOWER of the two borrowers’ mid-scores. That representative score then drives eligibility, LTV cap, and pricing.
Higher FICO unlocks larger loan amounts and higher LTV caps; it also typically lowers the interest rate. A 740+ FICO file with strong DSCR will price meaningfully better than a 660 FICO file with the same DSCR.
How FICO applies at Total Quality Lending
Minimum FICO by program: DSCR 640; Prime Time 620; Foreign National DSCR 680 (or No Credit Score path); Multi-Unit DSCR 700. Top-tier 80% LTV on DSCR purchases requires 740+ FICO with DSCR of at least 1.00 and loan ≤ $2.5M. Interest-only DSCR loans require 680+ FICO.
FAQs
What's the minimum FICO score for a DSCR loan at TQL?
640 is the minimum FICO for the DSCR program. Higher FICO unlocks higher LTV caps and larger loan amounts. At 740+ FICO with a DSCR of at least 1.00, top-tier 80% LTV pricing is available.
Which FICO score does TQL use when there are three different scores?
TQL uses the mid-score (middle of the three bureau scores) for a single-borrower file. For a joint file with two borrowers, TQL uses the LOWEST of the two borrowers' mid-scores. That's the score that governs minimum-FICO and LTV-tier requirements.
Can I get a TQL loan with no credit score?
Yes — on the Foreign National DSCR program. The 'No Credit Score' path is available for foreign nationals without a U.S. credit file, typically using international credit references or a credit-event-free pattern of housing payments.
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