|
Considered the best credit rating. FICO scores are generally 620 and up with no lates on mortgage and one 30 days late on revolving or installing credit. No bankruptcy within past 2-10 years. Maximum debt ratio is 36-40% (Conventional), 33-45% (FHA), 41-41% (VA), Alternative 50%. Maximum loan-to-value ratio is 95-100%.
|
|
General good credit with FICO scores from 581 - 619. Two or three 30 days late on mortgage and two to four 30 days late on revolving or installment credit. Cannot have any 60 day lates. Must be 2-4 years since bankruptcy discharge. Maximum debt ratio is 29-43% (FHA), 41-41% (VA), 50% (Alternative). Maximum loan-to-value ratio is 95-100%.
|
|
Fair credit with FICO scores from 551-580. Three to four 30 days late on mortgage are allowed. Installment or revolving credit can have four to six 30 days late or two to four 60 days late. Must have 1-2 years since bankruptcy discharge. Maximum debt ratio is 29-43% (FHA), 41-41% (VA), 50% (Alternative). Maximum loan-to-value ratio is 90-95%.
|
|
Overall poor credit history with FICO scores from 550 and lower. Two to six 30 days late on mortgage or one to two 60 days late, with isolated 90 days late. Revolving and installment lates show poor payment record with pattern of late payments. Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds. Must have stable employment. Maximum debt ratio is 50% (Alternative). Maximum loan-to-value ratio is 80-90%.
|
