How does the Borrower's credit score affect their qualification for the loan?

Lenders use credit scores to profile Borrowers based on their level of risk for potential default. The better the Borrower's credit score, the more competitive the interest rate and loan program pricing. Here are some interesting statistics about how a Lender evaluates the level of risk for each Borrower based on their FICO score:

Score Range Risk of Default

• Below 600: 8 to 1
• 620-659: 26 to 1
• 660-679: 38 to 1
• 700-719: 123 to 1
• 720-759: 323 to 1
• 760-799: 597 to 1
• 800-900: 1292 to 1