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The guide to low interest loans for borrowers with bad credit explains that mortgage lenders heavily rely on credit scores to determine if prospective borrowers will be able to qualify for a home loan. A potential borrower's credit score provides a window into how they have handled credit in the past, which lenders see as one of the best indicators of whether or not the borrower will be able to reliably pay back their loan in the future.
Generally, credit scores are ranked as follows:
• 750 or above, excellent;
• 700 to 749, good;
• 650 to 699, fair;
• 600 to 649, poor; and
• under 600, bad.
The article goes on to share some credit score improvement tips for prospective borrowers and reviews the impact a low credit score can have when it comes to finding affordable home financing.
The article goes on to discuss some options that bad credit borrowers may have available to them, in particular the guide takes a look at FHA loans, which are usually the best option for those in this situation. To conclude,
For more information on this topic, click here to view the full article at LoanLove.com.
Read the full story at http://www.prweb.com/releases/loan-love/loans-for-bad-credit/prweb11839459.htm
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