A good 550 credit history is not a. Its thought poor. You have a tough time being qualified your form of financing that really needs a credit assessment. While you are accepted getting an account, expect you’ll get a much higher interest than just you prefer.

No, 550 isnt good credit to have home financing. It is a poor score. Which table suggests that FICO cannot offer a credit rating interest price to possess credit scores less than 620.

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To possess a mortgage, a keen FHA financial is the best substitute for borrowers with a great credit score out-of 550 or more. A national Property Management (FHA) bank can take fund that have credit scores only 500 if you make a downpayment of at least ten%.