Find the loan that is right for you !!

Credit Grades

Mortgage companies often grade your loan based on certain credit related items such as payment history, amount of debt payments bankruptcies, equity position, and your Credit score Below is a guide to help you estimate your credit grade. This is only a guide as many companies have exceptions that may result in more strict or more lenient guidelines.

A General Guide to B, C & D Credit Grades

 

Quality Level	Credit Score	Debt Ratio	Max LTV Ratio	History for  Credit Type	Delinquencies:			Typical Additional Requirements
					# of times	# of days	Within last
A+ to A-	670+ 660	28/ 38	To 95%	Mortgage Installment/ Revolving	0 0 - 1 0 - 1	- 30 60	24 mo 12 to 24 months	Good/excellent credit during last 2 to 5 years. No bankruptcy within the last 2 to 10 years.
B+ to B-	620	50	75 - 85	Mortgage Installment/ Revolving	2 - 3 2 - 4 0 - 2	30 30 30	12 mo 12 mo 12 mo	No 60-day mortgage lates. 24 - 48 mos since bankrupt discharge. Higher number of rolling lates may be allowed.
C+ to C-	580	55	75	Mortgage Installment/ Revolving	3 - 4 0 - 2 4 - 6 2 - 4	30 60 30 60	12 mo 12 mo 12 mo 12 mo	12 - 24 mos since bankrupt discharge. High "rolling" lates allowable.
D+ to D-	550	60	65 - 70	Mortgage Installment/ Revolving	2 - 6 1 - 2	60 60	12 mo 12 mo	Bankruptcy discharge within last 12 months. Judgements to be paid w/ loan proceeds. Not in foreclosure.
					Poor payment record with limited 90 day, isolated 120 day
E	520-	65	50-65	Mortgage Installment/ Revolving	Poor payment record with a pattern of 30, 60, and 90+ lates			Possible current bankruptcy, foreclosure Stable current employment

These are general scoring guidelines. Depending on specific individual factors your credit grade may be higher. Things like length of employment, amount of cash reserves, number of properties owned and complete credit history all will impact you grade.

Credit Cards       Secured Credit Cards       Mortgages      Credit Reports