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Your Credit and the Mortgage Process >> Credit Reporting Agencies
 

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

 

The figures shown here are estimates. When trying to figure your credit grade, keep in mind the following principles:

* Other Things Being Equal
When your have bad credit, all of the other aspects of the loan need to be in order. Equity, stability, income, documentation and assets play a larger role in the approval decision.
* Worst Case Scenario
When determining your grade, various combinations are allowed, but the worst case will push your grade to a lower credit guide. Late mortgage payments and bankruptcies are the most important.
* Going Once, Going Twice
Credit patterns are very important. A high number of recent inquiries and more than a few outstanding loans may signal a problem. A "willingness to pay" is important, thus late payments in the same time period is better than random late payments as they signal an effort to pay even after falling behind.
 
 
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