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CREDIT RANKINGS & LOAN TO VALUES Tell us about your situation and we'll help find a loan. Here is a general layout for bad credit loans.A minimum 500 credit score is needed.
A CREDIT 620 + FICO SCORES: Very few or no credit problems within last two years and no mortgage lates. 100% financing possible A- MINUS CREDIT 560--580 FICO SCORES: Very few or no credit problems within the last two years. One or two 30-day late payments. B CREDIT 550--560 FICO SCORES: This is where most credit reports fall. You will need 10% down payment if you are purchasing or methods to overcome downpayment needs. C CREDIT 535--550 FICO SCORES: Lots of late payments in the 30- to 60-day range in the past few years. Any late mortgage payment that is in the 60- or 90-day range. A bankruptcy or foreclosure that had been discharged or settled in the last 12 months. You will need 15-20% downpayment on purchases. D CREDIT 500-535 FICO SCORES: Open collections, charge-offs, notice of defaults etc. Multiple 30-, 60-, 90-day or longer missed payments. Typically a 20% downpayment on purchases needed. Explore our Loan Programs to learn more.
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