Bad Credit Mortgage Loans – How Does Your Fico Credit Score Affect Your Loan Approval?
How “bad” is bad credit? If you can pull your credit report yourself and get a copy of your FICO credit score, that will give you a good idea. Here is a general idea of the FICO score breakdown:
500 580 – Poor Credit – You should be able to get a home mortgage loan if you are willing to make a down payment, probably somewhere between 5-20%. You will probably need a sub-prime mortgage loan with a slightly higher interest rate.
580 – 620 – Fair Credit – You’re right on the edge. You may be able to get 100% financing or you may need a small down payment to make the loan work. Depending on how much money you put down, you may be able to get prime interest rate.
620 – 640 Average Credit -You should get a 100% home loan financing. You should not need to have a down payment. You should be able to get a low interest rate.
640 – 700 Good Credit – You should be able to be approved for a 100 – 125% home mortgage loan. You should be able to get a great interest rate.
700+ Excellent...
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