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Financing & Your FICO Scores

The Lenders we work with provide Conventional, FHA, VA fixed rate loans with rates often better than those offered by direct or correspondent lenders. We provide quick, smooth and ON TIME closings for our clients.

We all should know how important FICO scores are, so here are some basic information to enhance your FICO knowledge and your score. Good credit scores help make it possible to qualify at better rates. For those with lesser FICO scores, we use more forgiving FHA loans. We can help you get qualified and ensure you get to move in or close escrow on the day you want.

FICO Scores are weighted and structured with the following weight:
35% by Payment History
30% by Balances Owed
15% by Length of Credit History
10% by New Credit
10% by Types of Credit in Use
And the overall calculated ranges:
720 - 850 Excellent, A-paper credit, the "good-guy" rates available;
680 - 719 Good, not much of a compromise on rates;
620 - 679 OK or Fair, clearly in range for FHA consideration;
580 - 619 Low, bottom of the range for FHA consideration, "alternate credit" comes heavily into play;
500 - 579 Poor, truly nothing can be done without credit rehabilitation.

Please know that we can help you get qualified and close ON TIME. Visit our website call or email to get started on your prequalification. You may be surprised to see how much you can afford with interest rates at an all time low.

www.SCVRealty.com
661-287-4466 ext. 226

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