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ABC's of Mortgage Credit

 

The mortgage industry tends to create its own language and credit rating is no exception. BC Mortgage lending gets its name from the grading of one's credit based on such things such as payment history, amount of debt payments, bankruptcies, equity position, credit scores, etc.

We have compiled a guide to help you estimate your credit grade. This is only a guide as many companies have exceptions that may result in more strict or more lenient guidelines.

A General Guide to Credit Grades


    Credit Debt   Max    Mortgage     Revolve     Install
    Score  Ratio  LTV   30  60  90  30  60  90  30  60  90 
A+   670   36     95    0   0   0   2   0   0   1   0   0
A-   660   45     95    1   0   0   3   1   0   2   0   0
B    620   50     85    2   1   0   4   2   1   3   1   0
C    580   55     75    4   2   1   6   5   2   5   4   1
D    550   60     70    5   3   2   8   8   4   7   6   2
E    520   65     60    6   4   3   10  10  6   10  8   3

Bankruptcy/Foreclosure
A+   None Allowed Within 10 years
A-   Minimum 2 Years, Re-Established Credit	
B    Minimum 2 Years, Some Lates  	
C    Minimum 1 Year
D    Discharged
E    Possible Current