The home buyer who possesses a poor credit score more commonly has to accept a subprime mortgage, which has a higher interest rate and other objectionable characteristics for the borrower. These mortgages dramatically increase the expense of owning a home, as compared to the better “prime” loans. It is widely known that this is more likely to happen as the credit score becomes lower. But at what point does your credit score truly force you into only qualifying for a subprime mortgage?

The exact answer depends upon who you believe, but the minimum score for prime mortgage qualifications generally appears to be about 600-700. As for the highest credit score at which lenders are likely to force you to accept a subprime mortgage, different sources claim that it is 680 (epic.org), 649 (credit.com), 619 (bankrate.com), or 599 (umn.edu). 620 is the most commonly cited minimum for prime borrowing. As the score sinks lower than this, it is eventually impossible to qualify for a prime or subprime mortgage.

Other aspects regarding your employment, finances, and purchasing method will also have an influence upon your qualification for prime or subprime mortgages, so don’t assume that a specific credit score will undoubtedly result in being qualified for a particular type of loan. This will also vary depending upon the individual lending institution you are applying to, as they do not all apply the same standards.

It is helpful to know your credit score prior to applying for a mortgage with a bank or broker, especially if you have had to make late payments in the past. Doing this will create greater awareness of what kind of mortgages you should be able to obtain, while preventing anyone from deceiving you about the type of mortgage which ought to be accepted. Credit reports can be requested for free each year, but there is a cost associated with finding out what your exact score currently is.

However, it is not as if anyone will actually “force” you to buy a home or take out a subprime mortgage. Now may not be the best time to purchase a property; it might be worth waiting until you haven’t made any late bill payments for a long period of time, or several years have elapsed since your bankruptcy. A better credit record will greatly diminish the overall cost of your mortgage, as well as the likelihood of foreclosure.