A credit score is a three-digit number. It represents your credit history and tells the lender the likelihood of you repaying your debt. It includes factors like how long your credit has been open, how much credit you have, and how much of it you use.
Whenever you apply for credit, such as when applying for a home loan, lenders and banks will use this number to decide if they will approve you for a loan. And if you get approved, this number will influence what the terms will be.
Your credit score is generated by the three main credit bureaus (Equifax, Experian, and TransUnion®) using a credit-scoring model. The most commonly used credit-scoring model is one developed by FICO®. It's based on several factors, like credit usage and available credit, but never on personal information such as race, gender, or ethnicity. Credit scores typically range from 300-850.
A "good" score varies slightly from lender to lender, but one thing remains the same --the higher your credit score, the better. A higher credit score tells lenders that you are low risk for defaulting on your loan, making it more likely that you get offered more credit and better loan terms.
Most lenders consider credit scores over 670 to be good. A credit score above 740 is very good, and any score of 800+ is exceptional.
Interest Rates Have Increased
Borrowers May Not Qualify
Due to DTI Calculation
Time To Consider
NO RATIO PROGRAM
No DTI calculation
No Income on Application
No Employment on Application
No Tax Returns
No W2s
No 1099
Only Required to Have
as low as 20% Down Payment
80% LTV = 720+ FICO - 12 Months Reserves
75% LTV = 680-719 FICO - 9 Months Reserves
65% LTV = 660-679 FICO - 9 Months Reserves
Funds for Down Payment
Closing Costs
Prepaid’s
Reserves
Primary Residence
Second Home
Purchase
Refinance
Minimum Loan $200,000
