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What point does a credit score equal a subprime loan?
My friend is buying a home. He's young, on a new job, and his credit score is 680 or so. would a bank consider this guy to be "subprime" material?
1 Answer
- Anonymous1 decade agoFavorite Answer
For credit scores subprime generally starts below 620.
VERY IMPORTANT: Credit score isn't the only factor when determining whether a borrower falls into the prime or subprime category. Property type, loan type, work history, loan-to-value are other items lenders consider. For example, a borrower could have a 720 fico score, but if he wants to cash out refinance an investment property at 100% value on a low documentation loan, under most circumstances banks won't touch this loan.
Source(s): Realtor and former loan officer - Anonymous1 decade ago
No, he should be OK.