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Monday, April 26, 2004
Credit score is just one reason for subprime loans According to Countrywide Financial's House testimony on subprime lending, the average FICO score for their subprime borrowers is 608. (715 for prime borrowers.) For banks, the usual credit score cutoff for sub-prime is 660.
3:29:39 PM
As many as 20% of all subprime loans go to people with credit scores over 660. This may be because of some of the following:
- Inability to document income
- Unfavorable collateral (Something other than an owner-occupied single family residence.)
- A high loan-to-value ratio
3:29:39 PM
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