Credit categories dictate loan products

[Anonymous]

I was doing some reading about mortgages and I did not realize there were so many different catagoies--I thought there were just prime and subprime catagories

Lendingtree has this breakdown:
http://www.lendingtree.com/smartborrower/Credit-scores/Credit-categories-dictate-loan-products.aspx

So in conclusion, you may not need an incredible fico score to qualify for a decent loan
As long as you are above 650 you can qualify for grade A and alt-A loan products.

Of course above 720 is Ideal. I also wonder if with a very high score you do not need to put any money down--just have enough money to cover closing costs

[MidnightVoice]

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rifleman wrote:
I also wonder if with a very high score you do not need to put any money down--just have enough money to cover closing costs

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I am not an expert, but from my experience 20% down is the magic number for the lowest rate.