FHA Accepts five-hundred Ratings with a catch

Well, some thing below an excellent 620 credit rating represents “subprime” by really finance companies and you may mortgage loan providers, aside from the newest ever before-crucial Federal national mortgage association and you will Freddie Mac computer.

On the record, Fannie and you may Freddie right back this new lion’s show out of mortgage loans, therefore a credit score below 620 already takes away you from something such as 70% of the mortgage business. (more…)