CREDIT RANKINGS & LOAN TO VALUES
Tell us about your situation and we’ll help find a loan. On this page is a general layout for bad credit home loans, a table is provided. A minimum 500 credit score is needed for all types of loans.
| Credit scores | Refinances | Purchases |
| 620 + | 90% loan to value | 90% financing |
| 580-600 | 80-85% loan to value | 20-15% down payment |
| 550-580 | 70-80% loan to value | 30-20% down payment |
| 535-550 | 60-70% loan to value | 40-30% down payment |
| 535 | 60% loan to value | 40% down payment |
A CREDIT 620 + FICO SCORES: Very few or no credit problems within last two years and no mortgage late payments, 90% financing possible
A- MINUS CREDIT 580–600 FICO SCORES: Very few or no credit problems within the last two years. One or two 30-day late payments.
B CREDIT 580–600 FICO SCORES: This is where most credit reports fall. You will need 20-15% down payment if you are purchasing or methods to overcome down payment needs.
C CREDIT 550–580 FICO SCORES: Lots of late payments in the 30- to 60-day range in the past few years. Any late mortgage payments that are 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 30-40% down payment on purchases or sell financing.
D CREDIT 535 FICO SCORES: Open collections, charge-offs, notice of defaults etc. Multiple 30-, 60-, 90-day or longer missed payments. Typically a 40% down payment or some seller financing on purchases needed.
These requirements change, but gives you an estimate what to expect when looking for bad credit mortgages. If you are refinancing with bad credit you will also have loan to value requirements. Credit scores are derivative of your current financial situation and it changes with time and can be improved with some efforts.
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