Home Selling in Lafayette>Question Details

Latasih, Home Buyer in Lafayette, LA

My credit score is a 661 and my husband's score is a 605. What kind of interest rate am i looking at with?

Asked by Latasih, Lafayette, LA Tue Apr 29, 2008

these scores? My goal is at least a 6.5% with 10 percent down.

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Answers

5
You will have to bring up your credit score to above 620. If you can qualify on your income alone - you should be looking at an FHA rate in the high 4% range.

Good Luck!

Gerry Dunn
Associate Broker

Serving Maryland, Virginia and D.C
301-651-8600
0 votes Thank Flag Link Sun Aug 29, 2010
NONE!

The borrower will need a 620 or higher!

Interest rates are genenerally offered based on risk, a 605 credit score suggest that the borrower is a higher risk than a borrower with a mid 8 score
0 votes Thank Flag Link Sun Aug 29, 2010
Hi Latasih!
Most lenders like to see a 620-630 credit score. Your husband's score is a little low but if you work with the right lender they can have his score up within 30-60 days if he follows their expert advice. You guys have great credit and I am confident with those credit scores you can get the lowest interest rates...... Rates are under 5.00% right now depending on which program you go with. I'll gladly set you up with a lender and find the perfect home for you if you would like my assistance.

PS: I notice you question was posted 2 years ago. If you've already moved pass this....then please disregard this message!
0 votes Thank Flag Link Wed Aug 18, 2010
Don't do anything more than 6.5 for sure. You should be able to get 6.0 easy. I have lenders that would fight for your business, let me know if you would like to speak with one of them, realtorcraig@cox.net
0 votes Thank Flag Link Tue Apr 29, 2008
You would possibly qualify for a Government Guaranteed FHA Loan - Minimum downpayment and interest in the 5 - 6 % Range -
0 votes Thank Flag Link Tue Apr 29, 2008
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