In the world of mortgage lending, a good credit score ups the chances of qualifying for a conventional mortgage. Essentially, a high credit score shows that the borrower has a history of paying bills, repaying loans, and maintaining past and current accounts. Credit scores range from 300-850. Generally, a score of 670 or above is a good score.
Compared with traditional lenders, some hard money lenders are more willing to work with investors with poor credit. For example, New Funding Resources doesn’t require a minimum credit score for loan approval. We look beyond credit scores to make our underwriting decisions – but we do look at the scores. You should, too.