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submitted: Aug 1st 2008 | by: LopezHill | Total views: 1 | Word Count: 738 | |

Do I need to qualify to buy a home? Yes, but qualifying is much different than with a traditional purchase. We are not as concerned with your past credit as your future credit. Traditional mortgages use your credit score to estimate your likelihood of default. We use the size of your deposit. Typical interest rates range from 7.5% to 10.5% depending on your down payment and application.It depends. Generally anything above 660 is considered ""A"" credit. There is some question as to exactly what the possible range of credit scores is. Some sources say the range is 300 to 900 while others say 350 to 850. The exact range really doesn't matter much though, as we've never seen a credit score below 400 or much above 830. Some lenders will consider scores as low as 620 to still be ""A grade"".

What are FICOs? FICO stands for Fair, Isaac Corporation, which developed the formula for credit scoring. The term also applies to the credit score itself. A FICO score can range from 300 to 850. In general, the higher the score, the more credit-worthy a borrower is in the eyes of the lender. A score of at least 680 indicates the borrower is very creditworthy. See ways you can improve your credit score.When a loan officer tells you your credit score they are giving you your middle credit score.

What is my FICO score and how can I find out what mine is? A FICO score is a basic credit score that estimates the creditworthiness of a borrower and is used by financial institutions to determine credit limits and interest rates. FICO scores are held by the three major U.S. credit agencies (Equifax, Experian and Trans Union) and all vary slightly depending on the formula used to generate the score. FICO scores range from about 300 to 850.A credit score is a numerical representation of your statistical likelihood to repay credit that is extended to you. Scores range from 350-850. The credit score comes from a propriety model developed by Fair, Isaac & Company (FICO).

What is a good middle credit score? When a loan officer tells you your credit score they are giving you your middle credit score. When your credit is pulled we are given 3 credit scores, one from each credit reporting agency, Experian, Transunion, and Equifax. Credit scores range from 300 to 850. Your credit score is used to determine how much of your home value you can borrow and what your interest rate is.Yes, but qualifying is much different than with a traditional purchase. We are not as concerned with your past credit as your future credit. Traditional mortgages use your credit score to estimate your likelihood of default. We use the size of your deposit. Typical interest rates range from 7.5% to 10.5% depending on your down payment and application.Yes, but qualifying is much different than with a traditional purchase. We are not as concerned with your past credit as your future credit.

What's an acceptable score? Credit scores (usually) range from 340 to 820. The higher your score, the less risk a lender believes you will be. As your score climbs, the interest rate you are offered will probably decline.A credit score is a number that lenders use to help them predict how a loan will be repaid. Credit scores are also called risk scores because they help lenders predict the risk of making a loan. Credit scores range from 365 to 840, with the higher scores being more favorable. A credit score is generated at the time a lender requests your credit report.

What is a PLUS Score? Your PLUS Score is a user-friendly, consumer-focused credit score based on the information in your credit report. Your PLUS Score is calculated using a similar formula to those used by lenders, ranging from 330 to 830, with a higher score indicating lower credit risk. Read More Developed by Experian, a leading national credit bureau, the PLUS Score provides a more up-to-date look at how your credit score compares to that of today's average U.S. consumer.When your credit report is pulled by the mortgage lender usually three credit bureaus are pulled (1) Transunion, (2) Equifax and (3) Experian. Each of these bureaus assigns a credit score to you, the borrower. These scores range from 0 to 800. The Higher the score the better your credit. The better your credit, the better the interest rate you qualify for.It depends.

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