What is FICO (Credit Score)?
The FICO® score, developed by Fair, Isaac (the pioneer in credit scoring) is a number between 300 and 850 that lenders use to determine your credit rating. A FICO® score is a snapshot of your credit rating at a particular point in time and can change daily. The higher your credit score the more likely you are to be approved for loans and receive favorable rates.

More than 70% of the 100 largest financial institutions use FICO® scores to make billions of credit decisions each year, including more than 75 percent of mortgage loan originations.

720+ Excellent

You can borrow about as much as you want at the best rates.

680-720 Good to Very Good

You can still get about any loan you want and at close to the best rates. You can also go stated income with little or no effect on your rate.

620-680 OK

You can get an A-Paper rate, but will have to prove your income and have other compensating factors to get the best rates. Most stated income programs no longer allow scores this low.

580-620 Not Good

Many of the programs available to people in this range have been cancelled. With a score this low, an FHA loan is probably your best bet. There are no good Stated Income loans available in this range.

580 and lower

Unless you have a very low Loan to Value your best bet is to work with someone to improve your credit. Feel free to call us for recomendations.

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