I have a credit score of 728. will I be able to get a home loan and if so what might be the interest rate.?

Asked by judithlowman3, South Lyon, MI Wed Mar 19, 2014

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Jessica Bate…, Agent, Beverly Hills, CA
Tue Feb 21, 2017
Yes you qualify for a mortgage as long as you meet the other requirements. The interest rate you get will vary lender to lender. Check out The Lenders Network they can refer you to a few lenders so you can compare rates.
0 votes
W Zaman, Home Buyer, Belmont, CA
Sat Apr 2, 2016
728 credit score is a decent score. But there is a lot of other factors that comes into play when you apply for a home mortgage or a home equity.

Such as debt to income ratio, utilization rate, number of lines and loans currently held, monthly income, age of credit history etc. There are also several other factors that comes into play. I'll be happy discuss and help you out.

I can also assist in home selling/purchases and loan arrangements at the best rate possible in your situation. If you work with me I can sort out why your score is holding back, we can boost it up before applying for a loan or line application.

Many banks don't do home equity for investment properties but I can arrange it.
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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Thu Mar 20, 2014
Your credit scores are definitely acceptable for most loan options. Lenders like myself can go as low as 580-620 depending on what type of loan you are seeking. With your current scores you have most lending options available to you such as FHA, conventional, VA, USDA, etc. There are other financial factors that would need to be analyzed including your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. If all of these factors are in place then you should be good to go. When it comes to interest rates it is very difficult to give you an accurate estimation and this current point. Rates can depend on the financial factors I listed above along with the type of loan you choose. In order to get an estimate for rates I recommend that you speak with a loan officer directly. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes
, ,
Thu Mar 20, 2014
Hi Judith, I'm a local lender here in the Phoenix area. A 728 credit score should open up just about every loan option possible for you. I'd be more than happy to discuss rate and specifics if you want to reach out to me.
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Melissa "Mic…, Agent, Tempe, AZ
Thu Mar 20, 2014
Great Score!! Way to go!! Obviously no problem with credit but as everyone else has advised, just need verifiable income and a few other "lending" requirements. I have established a great team and have one of the best lenders available to you at any time. No obligation - just call and we can give you a better understanding of your options. Look forward to hearing from you!! 623-980-8434
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Robert Krop, Agent, Frederick, MD
Thu Mar 20, 2014
That is a great credit score! You should be able to do well. Interest rates vary (even throughout the day). I recommend calling a local lender to talk about rates and the APR. (that way you know exactly what the true rate is that they are quoting you. Often times, the internet rate quotes aren't updated or they are just trying to get you to fill out info with them.
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Dan Tabit, Agent, Issaquah, WA
Wed Mar 19, 2014
Judith,
Probably, your score will not be the issue. You still need to meet the rest of the lenders criteria of having enough reliable income to cover your payments on all your debt and the mortgage, enough savings after your down payment to give the bank security.
The reliable answer will come from a great local mortgage broker with a complete application and the supporting documents.
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Steffy Hrist…, Agent, Scottsdale, AZ
Wed Mar 19, 2014
Judith,
What was said below, plus location of property. There are condo complexes with higher investor ownership, and it may be harder to get a loan for those properties. Please call me or email to disuss your home search and locations you like. Tel: 480-966-9353.
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Lanre Folayan, Agent, Washington, DC
Wed Mar 19, 2014
With a 728 credit score,you will definitely not have a problem getting a home loan. There are only two things that might stop you. 1. Lack of income and High Debt to Income ratio of over 43.01%. If not then you should be fine. Good luck to you. http://www.buyandsellnewhomes.com
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