Bad Credit Mortgage Loans - How Does Your FICO Credit Score Affect Your Loan Approval?

How "bad" is bad credit? If you can pull your credit report yourself and get a copy of your FICO credit score, that will give you a good idea. Here is a general idea of the FICO score breakdown:

500 580 - Poor Credit - You should be able to get a home mortgage loan if you are willing to make a down payment, probably somewhere between 5-20%. You will probably need a sub-prime mortgage loan with a slightly higher interest rate.

580 - 620 - Fair Credit - You're right on the edge. You may be able to get 100% financing or you may need a small down payment to make the loan work. Depending on how much money you put down, you may be able to get prime interest rate.

620 - 640 Average Credit -You should get a 100% home loan financing. You should not need to have a down payment. You should be able to get a low interest rate.

640 - 700 Good Credit - You should be able to be approved for a 100 - 125% home mortgage loan. You should be able to get a great interest rate.

700+ Excellent Credit - Youre in the drivers seat! You should be able to get an excellent rate with excellent terms. Of course, all of these factors vary with each borrower based on your income and other factors.

What is the FICO Score Based On? Most of the FICO score is dependent on amounts owed and payment history. So, the fastest way to increase your credit score will be to make payments on time and keep old accounts open.

What Should I Avoid To Keep My Score High? If you are in the process of getting a new mortgage loan, avoid applying for or opening any new credit accounts. This can drop your credit score very quickly and make it that much harder to get approved.

16 Ways To Increase Your FICO Credit Score

List of Bad Credit Mortgage Lenders Online - Finding a mortgage lender online that can approve people with credit problems like past bankruptcy, foreclosure and other credit problems, can be difficult. Try using some of our recommended mortgage companies online that service people with poor credit.

Bad Credit Mortgage Loans Online - How Your FICO Credit Score Can Affect Your Loan Approval
When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you...

The Role Of The FICO Score In Getting Approved For A Mortgage Refinance Loan
What is the role of the FICO score in getting the mortgage refinance loan that you need? Your FICO score is a complex calculation that places value o...

Mortgage Refinance Loan With Bad Credit - How A Low FICO Credit Score Affects You
The Fair Isaacs Corporation (FICO) pioneered a system of scoring your financial health, known as your FICO score. Your FICO score is a number ranging...

Mortgage Loan - Understanding FICO Scores
Apply for a mortgage loan and youll soon become familiar with FICO scores. Heres a primer on the infamous FICO scoring process.FICO scores are merely ...

Low Credit Score Home Loans - Mortgages For People With Poor FICO Credit Scores
Whether you are refinancing, getting a second mortgage or home equity loan, getting a mortgage loan with poor credit history can be tough. In the eye...

New Jersey Home Mortgage Loans - 3 Things You Should Know About Mortgage Loans
Getting a New Jersey home mortgage loan can be an exciting process. New Jersey is a wonderful place to live and homes are typically a good investment....

Getting Bad Credit Home Mortgage Loans
Ideally you should strive to repair your credit in order to qualify for a better deal on any type of loan. In most cases, however, bad credit alone w...

Poor Credit OK for Mortgage Loan Refinancing
If you are a homeowner looking to improve your credit, it would be wise to look into refinancing your home mortgage loan. In most cases, applying for ...

How to Get a Better Home Mortgage Loan When You have a Bad Credit
You have bad credit for various reasons and are upset because you want to get a better home mortgage loan for your Utah home mortgage, but you are wor...

How To Get A Bad Credit Home Mortgage Loan
Not everyone has a perfect credit score. Messing up your credit score is also not hard to do. There are many ways to lower your credit score and even ...

Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved
People with bad credit that are looking to get a home mortgage loan or to refinance their existing home mortgage loan, know how difficult of a job it ...

No Equity Loans - Refinancing Your Mortgage With No Equity
No Equity Home Loans or No Equity HELOCs are second mortgage loans that are offered to consumers, who have no equity in their homes. Having no equity...

125% Second Mortgage Loans for Debt Consolidation & Lower Fixed Rate Payments
A 125% Second Mortgage is a 2nd mortgage in which the face amount of the loan exceeds the value of the property by 25%. A Property valued at $200,000 ...

Sub Prime Mortgage Tips: Home Equity Loan Consolidation for People with Less than Perfect Credit
Refinancing your mortgage is an effective way to rebuild your credit, particularly if you have recently declared bankruptcy or otherwise have bad cred...

Mortgage Loans after Bankruptcy - Ways to Boost Your FICO Score
After a bankruptcy is discharged, many lenders will offer you a home loan. In most cases, these lenders do not require new lines of credit or a high c...