Financing in Brooklyn>Question Details

Vanessa, Other/Just Looking in 11209

Firts-time buyer w/credit score in the 675-700 range. What rate could I get?

Asked by Vanessa, 11209 Thu Jul 26, 2007

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5
Vanessa,
Today, the rate for 30 years fixed loan with credit 680 to 699 is 6.75%, with credit 700 to 750 - approx. 6.55% to 6.6% and with score 760 and above it is in the range of 6.35% to 6.4%. You can "buy down" these rates, by paying points. You can easily calculate your savings for payments with buy down rates. If you plan to keep your loan more than 2 years, "buying down" pays off
Loan pricing has changed dramatically over the last several months. It used to be that the 720 was a perfect score and above this level you really couldn’t get a better score. Not any more. As lenders shy away from scores below 660, they offer more loans for clients with scores above 750. Please take a note that with the score above 750 or760 you can apply with “the stated income and stated assets” and receive the same low rates as with “full documentation”. If you want to educate yourself on basic loan term definitions go to the mortgage professor site @ http://www.mtgprofessor.com/. He is the best.
Web Reference: http://www.cimpler.com
1 vote Thank Flag Link Fri Jul 27, 2007
ARTUR URBANS…, Real Estate Pro in Burlingame, CA
MVP'08
Contact
Hi my name is Jason Kessler. In order for me to give you a rate, I need to know some more about your situation. Your score opens several different doors for you to choose from. Please call me at my office, (305) 940-2070 or my Cell (954) 662-4462. I am a top broker here in Miami, however I am licensed in NY and I have lot of experience.
Web Reference: http://www.globelend.com
0 votes Thank Flag Link Tue Nov 20, 2007
You will be able to get A paper rates on any Fannie Mae loan. Ask about the My Community Program.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Tue Nov 6, 2007
It will depend on a few things other than just credit. One is debt to income, second is income, another is time in your position, especially if your income is commission based or partly commission based. It could also depend on how much you put down. Unfortunately it is not just a matter of quoting a rate or range of rates. A good lender will need to look at your entire financial package. If you need a referal to a good lender just send us your contact info and well put you in touch with one.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Fri Jul 27, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You can likely get FHA financing in the low 600's. Obviously the better the score, the better the rate, but 720 pretty much opens up everything on a conforming product. 700 might get you want you need on a conventional. You should be in the ballgame or near it for market rates.

According to one lender I've spoken with, if you put in multiple queries for the same need, in your case, home mortgage financing, multiple credit checks for the same reason should not lower your credit score. I always encourage buyers to talk to multiple lenders to get the best bang for the buck, but also the best relationship. The last thing you want is a good rate and high costs, or worse, a good rate, low costs, but it doesn't fund or show up at closing and you lose your earnest money. I use ERA Mortgage and get all three. I'm a broker with ERA, but a lot of my past clients use them to re-finance as well because the first round of service is so strong and affordable.
0 votes Thank Flag Link Thu Jul 26, 2007
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