Mortgage rates for investment properties can vary as much as 3 percent between those with a higher credit score rating (between 760 and 850) and those with a lower rating (below 620).
For example, a mortgage lender may state that 720 is considered "good" but a credit card issuer catering to people with bad credit may consider 620 to be a "good" score.
For example, someone with a credit rating of 750 may be able to secure a mortgage rate of 6.2 percent, while someone with a rating of 620 may only get 7.6 percent.
Texas Lending: This company advertises high mortgage approval ratings for applicants with credit scores of 620, or as low as 540 with an FHA guarantee in place.
The dividing line between standard and subprime mortgages is 620, with credit scores at or below that level falling into the subprime lending category.
For example, many lenders are looking for scores of 620 or greater and they might reject any loans from applicants with scores below the 620 point.
Although the desired credit score is 620, the FHA will evaluate your past two years of credit history in order to determine credit worthiness.
Typically, creditors consider consumers with a credit score below 620 as subprime borrowers.
Lenders generally look for a minimum of a 620 FICO score before considering approval.
Excited by the reports of Alvaro Nunez (Cabeza de Vaca) and others as to the wealth of Florida (a term then commonly used in a much wider extension than subsequently), he sold great part of his property, gathered a force of 620 foot and 123 horse, armed four ships, and obtained from Charles V.