All Mortgages Are Not Created Equal
FICO credit scores range between 300 and 850.
For everyone on the lower end of that spectrum, there’s still home-buying hope.
According to mortgage software firm Ellie Mae, the average FICO score for approved FHA mortgage applications was 689, and much higher — at 755 — for conventional applications.
Government and non-government loans have come with their own minimum credit score requirements. Know the most lenient programs to increase your chances of approval.
Some mortgages are specifically designed to help lower credit applicants get into homes.
From a lender’s perspective, credit scores fall into several categories. Borrowers with “fair credit” can typically get approved, but those with “poor credit” will have a harder go.
No matter what your credit, though, check into all available loan options. You may be closer to qualifying than you think.
http://themortgagereports.com/23319/7-mortgage-programs-low-minimum-credit-score
