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What credit score is required for a bank of america mortgage loan?
Wiki User
∙ 12y ago
I found on several websites where there were FAQ, they would say there is no minimum credit score required. It all depends on the loan manager as to if you qualify.
Wiki User
∙ 12y ago
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What effect does a credit score have on a mortgage?
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
What are the introductory rates for Bank of America mortgage?
Depending on your credit score, Bank of America mortgage rates can be as low as .5% or as high as 20% APR.
Can you get a Bank of America mortgage with a low credit score?
Yes, they can take anyone with a low credit score. You may have to pay more up front, but it is possible.
What is the difference between a mortgage score and a credit score?
A mortgage score is a specific type of credit score that is specifically designed for mortgage lending purposes. It focuses on factors that are particularly relevant to mortgage loans, such as payment history, debt-to-income ratio, and the presence of any past mortgage-related delinquencies. While a credit score is a general assessment of creditworthiness, a mortgage score provides a more targeted evaluation specifically for mortgage lending decisions.
Can you get a mortgage with a credit score of 500?
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
What effect does a credit score have on a mortgage?
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
What are the introductory rates for Bank of America mortgage?
Depending on your credit score, Bank of America mortgage rates can be as low as .5% or as high as 20% APR.
Can you get a Bank of America mortgage with a low credit score?
Yes, they can take anyone with a low credit score. You may have to pay more up front, but it is possible.
What is the difference between a mortgage score and a credit score?
A mortgage score is a specific type of credit score that is specifically designed for mortgage lending purposes. It focuses on factors that are particularly relevant to mortgage loans, such as payment history, debt-to-income ratio, and the presence of any past mortgage-related delinquencies. While a credit score is a general assessment of creditworthiness, a mortgage score provides a more targeted evaluation specifically for mortgage lending decisions.
Can you get a mortgage with a credit score of 500?
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
Where can I find a mortgage company that will approve a mortgage when I have a 553 credit score?
There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.
How can I get a mortgage with bad credit?
It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.
What is the average expected credit score to receive a mortgage loan?
There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.
How does a persons credit score affect mortgage credit rates?
Actually the better the credit score the better are the offers for a mortgage credit loan. In general the interests offered for a new loan depend (besides others) directly on the credit score.
Can you get a mortgage with a 581 credit score?
NOPE
Can you get approved with a credit score of 502 with a mortgage?
no.
How much will your credit scores increase after paying off a mortgage?
Your credit score will decrease after paying off your mortgage if everything else remains the same. Our credit score has been decreasing since paying off our mortgage 5 years ago. The suggestions for increasing our credit score were to take out a mortgage or take out a car loan.
