Home Buying in Sacramento>Question Details

Marianne, Home Buyer in Sacramento, CA

What kind of interest rate can I get if my FICO is 620 and my husband's is 690?

Asked by Marianne, Sacramento, CA Thu Oct 16, 2008

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Hi Marianne!

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!

Good luck!
0 votes Thank Flag Link Thu Oct 16, 2008
Interest rates will vary and are only one dimension is selecting a loan program. If you are veteran, you have other options. If you work for the State of CA or are buying in certain areas, then there are some 'grants' available in home purchase. The CHDAP program is still available depending on your income level. These programs can effect your interest rate, or your monthly payment amount.

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.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Thu Oct 16, 2008
You will be lucky to evenj get a loan depending on how much you have to put down. you may need 10 to 20% down to get a mortgage in this market. You really need to contact a local and trusted mortgage broker to get you prequailified. stay away from the internet lenders. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Oct 16, 2008
You really should sit down with your bank, mortgage broker, mortgage banker or credit union to determine the best loan for you. Don't be afraid to shop around as there are different requirements for disclosure and you should insist on getting a good faith estimate from any lender you work with. Additionally, the amount of money you put down, your expenses and debt load will determine the loan amount you qualify for but that doesn't necessarily mean you feel comfortable with that amount. Do you budget first and then talk with a lender, once you have their estimate in hand shop a couple more and when you find someone you like stick with them. There are also some specific programs for different professions (teachers, veterans, etc) so don't be afraid to ask if you qualify. Good luck and if you'd like a referral send me an email.
0 votes Thank Flag Link Thu Oct 16, 2008
Your best bet, Marianne, is to call a mortgage broker and get your answer directly from the source after a review of your credit. Although you may pull your FICO scores online, the scores your mortgage broker receives will be different because they use a different engine to extract them, among other reasons.

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.
0 votes Thank Flag Link Thu Oct 16, 2008
Hi Marianne,

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.
Erin
Erin
Web Reference: http://www.sacreblog.com
0 votes Thank Flag Link Thu Oct 16, 2008
Erin Stumpf, Real Estate Pro in Sacramento, CA
MVP'08
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