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