tag:blogger.com,1999:blog-68934687963994477802011-04-21T15:07:25.358-07:00adminhttp://www.blogger.com/profile/14899734068373108084noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-6893468796399447780.post-27246399249881959352009-04-09T09:21:00.000-07:002009-04-09T09:23:11.006-07:00<span id="articlebody"><p>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 know what to expect from mortgage lenders.</p> <p>With a credit score below 585, you will need to put at least 10-20% as a down payment on the property. You will not likely be approved for 100% financing at this point.</p> <p><b>If you have a credit score of between 585-599</b>, you will probably need around a 5% down payment in order to get an approval for a home mortgage loan. You will still need to get your approval from a subprime mortgage lender. You will need to use a lender who specializes in loans for people with "less than perfect credit" or situations that make it difficult for a person to get financing for their home.</p> <p><b>If you have a credit score of 600 - 620</b>, you will probably be able to get an approval for 100% financing. You will also, in this situation, still need to use a subprime lender.</p> <p><b>With a credit score of 620 or higher</b>, you may be able to not only qualify for 100% financing, but be able to get a lower rate of only 1 - 2 percentage points above the prime rate.</p> <p>If you have a recent bankruptcy or foreclosure, these estimates should still be accurate within 2 years after bankruptcy, repossession or foreclosure. After 2 years, it becomes easier to get approved for a mortgage loan, because more lenders will look at financing you after 2 years, whereas many lenders will not even consider your application until 2 years from the time of bankruptcy discharge or a foreclosure. After a 3 year mark from the time of bankruptcy or foreclosure, it becomes even easier to get an approval, in that many more lenders will consider your application after 3 years.</p></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/6893468796399447780-2724639924988195935?l=online-credit-score.blogspot.com' alt='' /></div>adminhttp://www.blogger.com/profile/14899734068373108084noreply@blogger.com0