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Bad Credit Mortgage Loans - How Does Your Fico Credit Score Affect Your Loan Approval?

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.




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