Your FICO score is a number between 300 - 850 that determines your credit risk. The higher your FICO score, the better. A FICO credit score of 600 or below (be it 550, 560, 570, 580, 590 or slightly above) is considered to be poor credit and make it difficult to secure mortgage loans.
You can finance a home purchase with a subprime mortgage loan lender, who specializes in finding people with bad credit or low credit scores, home purchase loans or mortgage refinance loans.
Home Purchase Mortgage Loan.
Refinance Mortgage Loan, HELOC or Home Equity Loan. Bad credit is not a problem.Your FiCO score is determined by the following factors:
Paying your bills on time: 35%. Payment history refers to how you've paid your bills in the past. Mortgage, credit cards, student loans, auto loans,etc. Have you been late with any of your payments? How many times have you been late?
Amount of debt owed: 30%. Amount owed is simply that. A consumer who is carrying alot of debt is seen as a credit risk, when they apply for another line of credit.
Length of credit history: 15%. The longer your accounts have been opened, the better. It allows creditors to see a solid history of your finance.
New credit: 10%. Have you applied for any new lines of credit? How many? What types are they?
Types of credit used: 10%. What types of credit accounts do you have (e.g. mortgage, credit cards, etc)?
One of the best ways to keep a high FICO score is to prove to creditors that you can be responsible with a line of credit. There is no better way to accomplish this than to pay your mortgage on time. Chances are your mortgage loan will be the biggest loan, you will ever get from a creditor.
Interest Rates
| Today | Last Week | Change | |
|---|---|---|---|
| 30 YR Fixed | 5.86% | 5.81% | Up 0.05% |
| 15 YR Fixed | 5.48% | 5.42% | Up 0.06% |
| 5/1 ARM | 5.49% | 5.37% | Up 0.12% |
| 30 YR Fixed Jumbo | 6.12% | 6.07% | Up 0.05% |
| 5/1 ARM Jumbo | 5.62% | 5.55% | Up 0.07% |
Average Home Prices
| Price | |
|---|---|
| Metro Washington D.C. - Arlington - Alexandria - MD | $432,900 |
| Baltimore - Towson - MD | $265,100 |
| Allentown - Bethelehem - Easton - PA - NJ | $243,400 |
| San Diego - Carlsbad - San Marcos - CA | $607,400 |
| San Francisco - Oakland - Fremont - CA | $718,000 |
| San Jose - Sunnyvale - Santa Clara - CA | $747,000 |
| Sacramento - Arden - Arcade - Roseville - CA | $380,900 |
| Sarasota - Bradenton - Venice - FL | $374,900 |
| San Antonio, TX | $136,800 |
| Pittsburg, PA | $114,300 |
| Chicago - Naperville - Joliet - IL | $265,600 |
| Las Vegas, - Paradise - NV | $315,900 |
| New Orleans - Metairie - Kenner - LA | $181,200 |
| Minneapolis - St. Paul - Bloomington - MN - WI | $230,500 |
| Albuquerque, NM | $174,100 |
| Little Rock - North Little Rock - AR | $125,900 |
| Salt Lake City, UT | $182,300 |
| Boulder - CO | $349,500 |
| Boston - Cambridge - Quincy - MA - NH | $397,500 |
| Atlanta - Sandy Springs - Marietta - GA | $170,200 |
| Seattle, Tacoma - Bellevue - WA | $335,200 |
| Tuscon, AZ | $245,200 |
| Hartford - West Hartford - East Hartford - CT | $253,800 |
| Knoxville, TN | $148,800 |
| Jackson, MS | $142,500 |
| Miami - Fort Lauderdale - Miami Beach - FL | $391,200 |
| Dover, DE | $185,700 |
| Charleston - WV | $117,300 |
| Charlotte - Gastonia - Concord - NC | $183,500 |
| Cleveland - Elyria - Mentor - OH | $135,700 |
| Kansas City - MO - KS | $156,500 |
| Montgomery, AL | $136,300 |