| How "bad" is bad credit? If you can pull
| |
| | not need to have a down payment. You
|
| your credit report yourself and get a
| |
| | should be able to get a low interest
|
| copy of your FICO credit score, that will
| |
| | rate.
|
| give you a good idea. Here is a general
| |
| | 640 - 700 Good Credit - You should be
|
| idea of the FICO score breakdown:
| |
| | able to be approved for a 100 - 125% home
|
| 500 - 580 - Poor Credit - You should be
| |
| | mortgage loan. You should be able to get
|
| able to get a home mortgage loan if you
| |
| | a great interest rate.
|
| are willing to make a down payment,
| |
| | 700+ Excellent Credit - You're in the
|
| probably somewhere between 5-20%. You
| |
| | drivers seat! You should be able to get
|
| will probably need a sub-prime mortgage
| |
| | an excellent rate with excellent terms.
|
| loan with a slightly higher interest
| |
| | Of course, all of these factors vary with
|
| rate.
| |
| | each borrower depending on the size of
|
| 580 - 620 - Fair Credit - You're right on
| |
| | loan you want and on your income and
|
| the edge. You may be able to get 100%
| |
| | other factors.
|
| financing or you may need a small down
| |
| | What is the FICO Score Based On? Most of
|
| payment to make the loan work. Depending
| |
| | the FICO score is dependent on amounts
|
| on how much money you put down, you may
| |
| | owed and payment history. So, the fastest
|
| be able to get prime interest rate.
| |
| | and best way to increase your credit
|
| 620 - 640 Average Credit -You should get
| |
| | score will be to make payments on time
|
| a 100% home loan financing. You should
| |
| | and keep old accounts open.
|
