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1. What website is recommended to be used to obtain my credit report and score?

It is recommended to use the website myfico.com to order the credit report & FICO credit score (DFS does not accept a Score Watch credit score from this website). Using MyFICO is not mandatory but the score and report MUST be FICO-derived and the report must specifically state this. You can order your credit report and your FICO credit score from any of the three credit bureaus. Print both the credit report and the FICO credit score.

2. Why is it recommended that this website be used to get my credit score?

There are many types of credit scores and the scales vary widely. The FICO score uses a scale from 300 to 850. FICO scoring is commonly used by most lenders.

3. What is the minimum FICO score requirement for the ADU Rental Program?

The minimum FICO score is 550.

4. What is the minimum FICO score requirement for the ADU Purchase Program?

The minimum FICO score is 620.

5. Do I have to be pre-qualified or pre-approved for a mortgage loan for the ADU Purchase Program?

You must be pre-approved, for a mortgage loan, from a local bank or lender. A pre-approval would allow you to see what you qualify for in terms of a monthly payment and loan amount.
A copy of an unexpired pre-approval letter (on letterhead obtained within 30 days of on-line application) from a bank or mortgage company is required. Pre-approvals from internet lenders will not be accepted. Pre-qualifications will not be accepted unless the following, exact verbiage is included in the letter: "We are in receipt and have reviewed documentation pertaining to income, credit and assets and it appears to meet program guidelines." An optional list of mortgage lenders that provide financing on ADUs is located on the County's website at www.loudoun.gov/adu.