What do you consider the sub-prime cutoff?

[Anonymous]

---

@Revelate wrote:

---

@Anonymous wrote:

---

@805orbust wrote:

Yeah I think the good "street cred" score is 700, however I'm thinking maybe 715-720+ keeps you out of the woods... all depends on the lender tho, not to mention the file.

---

The best "prime" rate for mortgages is middle score > 740 at the moment.

Maybe someone would call that "super prime."

The other thing, and @805orbust mentions it - your file is what really determines approval.  As one of my dear friends who does credit coaching for folks says - "A score will only get you denied.  It won't get you approved."  It acts like a threshold.  Above that threshold, they'll actually look at your file (not counting recons, of course...)

---

Might even be a higher tier than super prime frankly.  It's really irrelevant.

Ultimately I'm having to go through a few additional hoops trying to get my LA condo refinanced even though I can cut a check for it from the assets on file with the bank I'm getting it through and my mid score is 770.  Scores mean very little except to get you over the cutoff for any given product, and to a lesser extent what rate you get offered... but actually getting approved, that's something else entirely to your point.

Ultimately my personal opinion is until you can get 740+ or even 760+ (PMI rates) on a mortgage pull there's money left on the table and as such it's worth getting to that point.

---

100% agree

[805orbust]

@Anonymous. Well said. And to your point about the score being the jump off, its probably gonna be even tighter for 36months or so.  We haven even begun to see the trailing effects of all this yet. 

Resilience score is the perfect example. Squeezing every last point out of us.

[Anonymous]

---

@805orbust wrote:

@Anonymous. Well said. And to your point about the score being the jump off, its probably gonna be even tighter for 36months or so.  We haven even begun to see the trailing effects of all this yet. 

Resilience score is the perfect example. Squeezing every last point out of us.

---

My mortgage buddies are still saying 740+ for the moment, but they that to go up soon... they're already seeing heloc rates and req'd scores go up, with max LTV going down from 80 to 60 or 70.

[Revelate]

---

@Anonymous wrote:

---

@805orbust wrote:

@Anonymous. Well said. And to your point about the score being the jump off, its probably gonna be even tighter for 36months or so.  We haven even begun to see the trailing effects of all this yet. 

Resilience score is the perfect example. Squeezing every last point out of us.

---

My mortgage buddies are still saying 740+ for the moment, but they that to go up soon... they're already seeing heloc rates and req'd scores go up, with max LTV going down from 80 to 60 or 70.

---

The GSE's haven't changed their tiers in over a decade, doubt they will now .  Lenders though do have overlays so maybe but it seems unlikely when they know they can sell the loan after the first payment anyway at that 740 tier.

HELOC's don't have the same sort of temperature resevoir to leverage a thermodynamics term, namely they're held by the individual lenders and so the individual lenders make the underwriting decision.  They aren't sold secondary market style like virtually all conventional mortgages.