Home Buying in 92101>Question Details

Frankc, Home Buyer in 92101

what rate will i pay on a loan of 200,000 with 180,000 down and a sale price of 425000 and a credit score of 588?

Asked by Frankc, 92101 Fri Feb 26, 2010

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LISTEN TO EVA she knows her stuf :)
0 votes Thank Flag Link Wed Mar 10, 2010
Hi Frank,

You can get an FHA loan with a 588 credit score. Your debt-to-income ratio must be within the guidelines and your credit report can not show any derogatory items within the last 12 months. The rate would be in the mid 5's

Also, Freddie Mac still has A- programs that will go down to a 580 credit score. With a Freddie Mac loan, if you qualify, you're looking at rates in the mid 5's depending on how many points you want to pay.

Feel free to give me a call. I can be reached Toll-Free at 866-573-3331

Best wishes,
0 votes Thank Flag Link Fri Feb 26, 2010
Hi Frank,

I would take a quick look at your credit and see if that can be imroved.

Maybe look to see if anything is inaccurate or not your account.

You should dispute anything that is past the statute of limitations, duplicates, look to make sure all of these accounts are your.

Best of luck
JoAnna Jensen
Certified Debt Negotiators
0 votes Thank Flag Link Fri Feb 26, 2010
Your credit score is in teh poor range so it will affect your rate, your best bet is to meet with a local and trusted mortgage broker, they can pull your credit, check your financials and let you know what programs you may quailify for and what the exact rates will be. good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Feb 26, 2010
If you haven't visited with any qualified loan officer(s) do so--see exactly what your budget can handle nad check that credit score again--your officer may have suggestions on how to best improve your score in the fastest time--the rate will depend on the lender and it is higher than with a minimum score of 620 with 3.5% down--again visit with a loan officer--consider paying off old debt if any, possible pay down other debt, etc.; and save yourself a ton of on money on interest.
0 votes Thank Flag Link Fri Feb 26, 2010
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