1-866-588-2463
Lake Village Resort, Lake Properties
301 Hwy 50
(at entrance to Lake Village)
PO Box 4827Stateline, NV 89449
Toll Free (866) 588-2463
Local (775) 589-6807 Fax (775) 589-6056
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Pre-Qualifying/Mortgage Calculator
Credit Estimator
The lending industry uses categories to asses the credit risk of any particular borrower. If the property checks out and you have sufficient income, flawless credit and the required down payment you are considered as having "excellent" credit. Someone with "excellent" credit can walk into almost any lender and get a mortgage loan at a better rate then someone with "poor" credit.
Lenders will typically place applicants into the following credit categories
Excellent (Credit score higher than 680) - if you have had:
- No 30-day late mortgage payments in the last 2 years
- No 30-day late payments on credit cards, auto loans or other consumer debt in the last 1 year
- No charge offs, judgments, repossessions in the past 2 years
- No bankruptcies, foreclosures in the past 4 years
Good (Credit score between 650 and 679) - if you have had:
- No 30-day late mortgage payments in the last 1 year
- Less than three 30-day late payments on credit cards, auto loans or other consumer debt in the last 1 year
- No charge offs, judgments, repossessions in the past 1 year
- No bankruptcies, foreclosures in the past 4 years
Fair (Credit score between 620 and 659) - if you have had:
- Less than one 30-day late mortgage payment in the last 1 year
- Less than three 30-day late payments on credit cards, auto loans or other consumer debt in the last 1 year
- Less than one charge offs, judgment or repossessions in the past 1 year
- No bankruptcies, foreclosures in the past 3 years
Poor (Credit score less than 620) - if you have had:
- More than one 30-day late mortgage payments within the past 1 year
- More than three 30-day late payments on credit cards, auto loans or other consumer debt in the last 1 year
- Numerous charge offs, judgments, or repossessions in the past 1 year
- No Bankruptcies or foreclosures within the past 2 years
- Bankruptcies or foreclosures within the past 2 years
The above are general industry guidelines to make lending judgments on the borrower's loan application. There are no hard-and-fast rules of separating the borrower on the border line between one credit category and another. Also, there are compromising variations between one lender to the next depending on the degree of subjectivity involved in underwriting and how much each lender wants to commit their funds.
It is important to review your credit reports regularly, in order to minimize the occurrence of errors and inconsistencies.
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