what is the average interest rate with excellent fico score and 2800.monthly monthly gross income

Asked by Jm, Long Beach, CA Sat Oct 6, 2007

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Jim Walker, Agent, Carmichael, CA
Tue Oct 9, 2007
At the risk of offending Marc, Perry and the ladies, I offer this generic, non-binding, unofficial example of a possible loan scenario (just an EXAMPLE, not an official loan quote!) which may or may not even be available to you pending receipt of verification of assets, income,. property appraisal, title report, wood destroying pest report, homeowners association documents etc. etc.


with an excellent FICO and full income and asset documentation,

You might (maybe) be able to obtain a 30 year fixed rate loan at 6.7% note rate (approx 7% APR.)
for $140,000 with principal and interest payments of $904.00 per month.

This assumes a housing to income ratio that does not exceed 38%. It also makes a ton of other (best case scenario) assumptions. Such as 1. Owner occupied, 2. No other consumer debts 3. Payment of at least one origination point. 4. At least 20% down -- The least likely of this best case scenario is the idea that you could find a habitable house or lendable condominium in Long Beach for $175,000.

and that you would have 20% to put down plus closing costs.

On the other hand you might be eligible for some amazing below market rate program that is available to low to median income earners on their first time home purchases.

No one else wanted to give you a direct answer to your question, they neither wanted to give you false hope or to discourage you. My above example is only a starting point, you might be able to borrow more or less, and you might be able to get a lower rate, or have to pay a higher rate.

A residential loan application is at least four pages long, (Fannie Mae 1003) and must be fully completed before an accurate quote and good faith estimate can be prepared by your loan officer.

Even after you get your quote, remember a quote is not a guarantee, rate locks are usually available after a borrower has submitted most of the documentation that is needed to underwrite and approve the loan.
1 vote
Perry Hender…, Agent, Austin, TX
Tue Oct 9, 2007
That's only part of the equation. Is this full doc, owner occupied, how many points are you paying, etc...
1 vote
Patti Philli…, , Carlsbad, CA
Tue Oct 9, 2007
Jim, Just as the other ladies stated, it's not that simple. There are a lot of variables here.
1 vote
J Lo, Home Buyer, California Glory, Brentwood, CA
Sat Oct 6, 2007
Going to have to include debt to ratio before you can get a clean number on this one.
1 vote
The Hagley G…, Agent, Pleasanton, CA
Sat Oct 6, 2007
It depends on several things.....is this a conforming loan? A jumbo? Also...what is an excellent FICO score? 700? 720? 750 or higher? How much money will you be putting down? These are all determining factors. Your best bet is to contact a mortgage broker or lender and get qualified.
Web Reference:  http://www.cindihagley.com
1 vote
Dorene Slavi…, Agent, Torrance, CA
Mon Jul 28, 2008
My mortgage officer can give you that information if you provide the necessary documentation.
Web Reference:  http://www.doreneslavitz.com
0 votes
Charita King…, , Downey, CA
Tue Jun 10, 2008
Jim,
Excellent credit score. I often heard it from my potential buyers that they have a perfect credit (above 800) and that they should get the best loan available. It may or may not possible. Banks follow a guideline when it comes for pricing. For example, a credit range of 780 and up will get the same rate, no points added. This means if you have a credit of 800 you still get the same rate as the borrower with 780 score. Range from 680-720 may also get the same rate with or without points depending on what the debt to income ratio and ltv.

There's a lot of factor to consider when it comes to pricing
-LTV
-DTI
-Are you buying down points?

Charita King 562-276-8681
0 votes
Marc Blasi, , Palm Beach Gardens, FL
Tue Oct 9, 2007
It's already been said several times - this is nowhere near enough info to give you an idea!
Be careful - if anyone is willing to promise something to you based on the info you've provided..... RUN in the opposite direction!
0 votes
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