A 550 credit score is not a great. Its experienced poor. You should have a hard time qualifying for all the sorts of loan that needs a credit score assessment. If you’re recognized getting an account, expect you’ll rating a higher rate of interest than just you need.
No, 550 is not good credit having a home loan. It is an awful get. So it dining table shows that FICO does not provide a credit rating attract price getting fico scores below 620.
Home loan Cost by Credit history
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To have a home loan, an enthusiastic FHA financial is the better substitute for borrowers which have a great credit rating off 550 or more. A federal Property Administration (FHA) lender may take funds that have fico scores as low as five-hundred if one makes a down-payment with a minimum of 10%.
A credit score regarding 580 or maybe more becomes necessary to you personally locate financing if you fail to be able to put down 10%. But if you put out a little effort, you’re in a position to make that happen draw in certain days.
For those who have a negative credit history plus lending company decides to deal with the application, possible most likely get the maximum interest rate.