It would be better is you gave us some more details. Your interest rate depends on a lot of factors.
Here are the major ones:
- How much money you will put down
- The amount of the total mortgage
- If you have a second mortgage involved in your transaction
- The type of loan program you are looking for
- The type of loan documentation you will provide the bank
I think that about covers it! There is a lot that goes into determining your interest rate. I would be leery of anyone who could give you a rate based on the information you have provided here.
Any good mortgage professional can assist you with this it just takes a few minutes over the phone!
I would recommend you get more than one offer from lenders. I agree that you should refrain from trying to do that online unless you want to be inundated by phone calls. (The internet site sells your 'lead') By comparing your good faith estimate (GFE), you should decide on three factors- amount of downpayment (and be careful because prepaid items are estimated in that number), monthly payment including principal, interest, taxes and insurance (PITI), then again compare the sum of PITI with the Mortgage insurance included (if you are not putting down 20% of the purchase price).
If you need help with this comparison, contact me. If you want another lender name, contact Mark Holmes at (916) 837-9686, or Mike Sierck at (916) 367-7120. Both are excellent.
I can say you would get a better rate if your scores were 720. But the minimum, for a decent fee and rate is 620. If you'd like to get an opinion over the phone at no charge, you can call the mortgage broker I refer, who is Evelyne Jamet at Vitek Mortgage, 916.452.8800.
It sounds like you and your husband may be good candidates for an FHA loan. According to Vitek Mortgage's most recent rate update, a 30-year fixed FHA loan is right around 6.75%. Rates are subject to change all the time (sometimes multiple times per day), and can also vary from buyer to buyer based on your individual scenario. If you are a PERS member, you may qualify for a more advantageous program. You should speak with a loan officer who can run through your lending options with you. I highly recommend Marlena Olson with the Vitek Mortgage Group at 916-486-6931.
Good luck to you.