Credit Scores

Borrowers with middle scores 720 or greater can expect to receive the best loan programs and rates available. This includes but is not limited to: the best rates for “Stated Income” and “Limited Documentation” loans, less paperwork, 100%  financing options, all Conventional and Jumbo products and quick approvals and closes.

This range is considered above average credit. Many lenders will offer “Stated Income” financing to borrowers, but they may add to the rate and/or fees. All of the Conventional and Jumbo programs are available with little to no adds. There are many high loan-to-value financing options available to homebuyers in this range.

Borrowers falling in this range are the majority. You may have never had a late payment in your life and have a score falling in this range; due to the many different factors used in determining the scores. These are considered good scores and can be used to obtain Conventional loans. There may be adds to the rate and/or fees for higher loan to value programs. This is a great category to be in and there are many programs offered to fit most mortgage needs.

These loans typically cannot obtain Conventional financing. A buyer falling in this range can obtain FHA, VA, or Non-Conventional. With these loans the credit score directly affects how much money you will have to put down and what your new rate will be. Many loans are fixed for 2 – 5 years then convert to adjustable rates. If you fall into this credit range, work on improving your credit so you can refinance before your interest rate turns into an adjustable.