A great 550 credit score isnt a good. Its considered poor. You will have a hard time being qualified your version of financing that requires a credit assessment. When you are acknowledged to own a free account, expect to score a greater rate of interest than you want.

No, 550 isnt a good credit score to possess a mortgage. Its a bad get. It table suggests that FICO will not render a credit history attract rate having fico scores less than 620.

Home loan Pricing by the Credit history

Getting a home loan, an FHA home loan is best substitute for individuals having a beneficial credit score from 550 or higher. A national Property Management (FHA) bank usually takes money having credit ratings as little as 500 if you make a downpayment with a minimum of ten%.

A credit history away from 580 or more needs for you to get a loan if you’re unable to be able to establish 10%. But when you put-out a little effort, you might be in a position to achieve that draw in a number of days.

When you have a terrible credit score and your home loan company chooses to take on your application, it is possible to most likely have the highest possible rate of interest. Continue reading →