Is 550 a good credit score to have home financing?
A good 550 credit history is not a great. It is experienced poor. You'll have a difficult time qualifying for the kind of mortgage that really needs a credit score assessment. While acknowledged getting an account, expect you'll rating a much higher interest rate than just need.
No, 550 isnt good credit to have a mortgage. It is an awful score. It desk shows that FICO cannot promote a credit rating appeal rate to possess credit ratings lower than 620.
Home loan Cost because of the Credit history
Having a mortgage, a keen FHA financial is best alternative for individuals having good credit score regarding 550 or more. A national Construction Management (FHA) lender may click for more info take financing that have credit scores as little as five-hundred if one makes a down payment of at least 10%.
A credit score out-of 580 or even more becomes necessary for your requirements to locate that loan if you can't manage to set out 10%. But when you put out some effort, you happen to be in a position to make that happen mark in a number of weeks.Read more
