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Low/High FICO Scores | Nova Home Loans

Some FICO scores access risk when applying for a home loan. Does yours?<br>Find out what scores are acceptable and beneficial when borrowing or applying for home loans. To see the ranges of FICO scores and what they mean, visit http://www.novahomeloans.com/loan-info/credit-score-information/lowhigh-fico-scores/. For more information on credit scores and home loans, visit http://www.novahomeloans.com/loan-info/credit-score-information/.

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Low/High FICO Scores | Nova Home Loans

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  1. Low/HighFICO Scores What are Risk Units for a borrower?

  2. Freddie Mac has given us an indication of low vs. high scores on their Gold Measure Worksheet. • The following scale assesses Risk Units (RUs) for a borrower: • Some description: • Borrowers with a score above 760 are in the "high" range. The score is positively compensating. • Borrowers with a score between 680 and 760 are in the "mid" range. The score does not add anything to the files, but does not detract. • Scores from 680 to 620 are low but can be acceptable.

  3. Continued: • Approvals must be justified carefully and files documented thoroughly. • Scores below 620 are very "low" and may not be acceptable for conventional financing. • A score below 600 is probably prohibitive.

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