How good does my credit need to be? EZ Mortgages & loans in Boston

How good does my credit need to be?

There are many different grades of credit now and basically the way it works is the lower your credit FICO score (higher number of late payments and collections), the lower the loan-to-value available. In order for you to qualify for the highest loan-to-value available (up to 100%) with the best available "A" paper (conforming loan) interest rates, you should have a FICO score of 620 or above and you are typically not allowed to have more than four 30-day (or later) late payments in the last 2 years (maximum 1 on mortgage or rental payments) and all collections and/or judgments must be paid. Lenders tend to look the hardest at your last 2 years of credit history and especially on your last 2 years of mortgage and/or rental payment history. If you do not fall into this category of "A" paper due to less-than-perfect credit, then you may qualify for "B" paper (non-conforming) loans, but you will pay higher interest rates and fees on these loans. The good news is, once you have cleaned up your credit, your original "B" loan can be refinanced into an "A" loan with better interest rates (depending on the current market).

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Jumbo loans Call now for complete details 508-894-2326
857-205-1068

Mark Alsyts - Senior Loan Officer
Centurion Funding Corp. of America
162 East Main St. Avon, MA 02322