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What is the max loan amount for a credit score of 620?

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Answered 2005-10-17 12:35:06

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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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.


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


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."


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.




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


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.


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.


A 620 credit score hinges on poor.


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!


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


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.


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


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="http://www.fhamortgagesdoneright.com">FHA loans</A>


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!


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.


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.


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.


There is nothing called as good credit score or bad credit score. It all depends on what kind of financial product you are applying for and how aggressive the banks are to which you have applied.


Most lenders prefer a cosigner to have a credit score of at least 620. However, cosigners with a credit score of 720 or above is always preferred.


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.


A 567 credit score is not terrible but there is room for improvement. For loans a credit score around 620 Ã? 640 is fine, depending on the company.


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.


Yes. I lot of lenders have a minimum credit score of 620 for FHA loans but hurry up because there's a trend afoot where they're raising their minimums to 640 (or higher).



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