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The max loan to value amount based on your credit score would be 100% financing. As far as loan amount that would be based off your income and monthly obligations, credit score dictates how much of a percentage you may borrow and your interest rate, it doesn't dictate how much money you can borrow. There are also alternative means of documentation and mortgage programs if you do need to qualify for more money.

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โˆ™ 2005-10-17 12:35:06
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Q: What is the max loan amount for a credit score of 620?
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Related questions

Can you get a home depot project loan with a credit score of 620?

It is possible to get a Home Depot project loan with a credit score of 620. Home Depot will pull a credit report to determine eligibility of a credit loan.

What is the average credit score needed for a home loan?

The average credit score need to purchase a home is 620.

What does your credit score have to be to be considered a high risk loan?

Generally, anything under 620 is considered to be a high risk loan. For example, should you apply for an FHA home loan, your credit score has to be at least 620. Credit scores are considered a high risk loan when they reach 620 or lower. Once it reaches above 620, but below 650, it is still looked at as risky, but no longer as "high risk."

What is the lowest possible credit score you must have to obtain a bad credit loan?

In order to obtain a bad credit loan a person has to have a credit score is 620 anything below that would be considered high risk.

Can you get a va home loan with a 505 credit score?

No u need a min of 620

Can someone with a credit score of about 560 get a loan without a co signer?

No, most banks require atleast a 620 score to even consider you for a personal loan.

What credit rating number would a loan officer considered bad credit?

Credit scores range from 300 to 850. Generally a loan officer would consider a score below 620 to be a sub-prime, or bad score.

What interest rate will i get on an auto loan with a 620 credit score?

You will get the terrible rate of 4000%. Sorry

Can you get car loan with a 620 credit score?

Scores range from the low 400s to well past 800. The higher the score, the better the credit rating. Most lenders use a break of somewhere around 620 as the determining factor of a regular loan versus what is called a "sub prime" or higher-risk loan. Some lenders will not extend credit to people with under 620 credit scores and other lenders will offer those loans, but at a higher interest rate.

Where can you get a FHA home loan with poor credit?

You cannot get an FHA loan if your credit score is below 620, since it is backed by the government, they have very strict guidlines on the process. However, if you work with a mortgage lender that does FHA, often times they have "credit rescoring" prgrams that will tell you exactly what you need to do to get your score to the 620 that you need. Once you do what they need, they can do a rescore and it will raise you credit. Good luck!

What is the lowest credit score to qualify for a home loan?

You need at least a credit score of 660 to qualify for a home loan For a FHA refinance or purchase the minimum credit score is 620. There are some lenders that will go down to a 580 credit but it just depends on some other factors such as debt to income, loan to value, etc. Veronica Rodrigues Voyage Home Loans

What type of credit score does someone need to get a no down payment home loan?

If a person wishes to get a no down payment home loan he or she needs an acceptable credit score so that the loaner is convinced that the person has adequate income to repay the loan. Usually 620 or higher is expected.

Is the score 620 poor fair or good for 2013?

A 620 credit score hinges on poor.

Is 577 a bad credit score?

577 is a fairly poor credit score. To have a credit score that is acceptable, you want your score to be between 620-680.

Is a credit score of 400 bad?

Yes, a 400 FICO score is bad. Above 700 is considered good, and it takes a minimum of 620-640 for any home loan program.

Is a credit score of 697 good enough to get a mortgage?

Generally, FHA credit score requirement is 620-640, and 660 for a conventional loan, so yes. The rest depends on your income, debt to income ratio, and down payment.

Can you get a home loan with a 628 credit score?

Yes as long as you mid score is at least a 620 but you better hurry. I know of several lenders that have have increased the credit score requirement to 640+ for <A href="">FHA loans</A>

What are the requirements in order to obtain a FHA loan?

Minimum credit score is 620 (according to our banker at Chase). The better your score, the better your interest rate. There aren't any banks that will finance anyone without a minimum credit score and a low debt to income ratio.

What is considered a good credit score?

650 and above is considered very good. 620-650 is considered good (average FICO score) in some cases there might be a problem with large loans. 620 and below is considered a credit risk, that does not necessarily mean the person cannot obtain credit. It means it is likely the amount and terms of credit would differ significantly than offers made to someone with a higher score.

Find Auto Loans?

Credit scores play a major role in auto loans. When you buy a car, the dealer will obtain a credit score from one of the three major credit bureaus. Based on this information, you will get an interest rate for your auto loan. The higher the credit score, the better the interest rate. Therefore, a good credit score could save you thousands of dollars over the life of your loan. Interest rates are just dependent upon credit scores. The state you live in and the length of your loan also play a role. However, your credit score is the largest factor. How much does it matter? Assuming the current national averages, the interest rate on a $20,000 auto loan for sixty months is around 4.97% if you have excellent credit. For credit scores of 590 or under, that same loan would carry an interest rate of 18.89%. That translates to a huge amount of money over the length of the loan. It also means a larger monthly payment. By raising your credit score just a bit, you could save a lot. A credit score of 620 would give you a rate of about 11.98%. That lowers your monthly payment by over $70. If you have the time, repair your credit as much as you can before getting an auto loan.

How do you improve a credit score of 620 in a short amount of time?

When I had such a credit score I was able to get a low APR credit card that let me save on purchases. The more money I saved and the more accurate I was with my payments, the faster my credit score rose. Try it and I guess you'd suceed!

What is your credit score when you turn 18?


What is the fha credit score minimum?


If you have a 580 Transunion score and make around 55000 a year can you get a 90000 dollar loan with no money down Only have 425 a month going out for a car payment?

Nope. Income doesn't matter much if your credit sucks. Your credit score usually needs to be 620 or above to get a loan without a cosigner or collateral.

What is a good credit rating score?

650 is considered very good, meaning creditors will be making you offers, good ones. 650-620 is good, everything under 620 is considered risky, the amount of risk correlating with the score itself.