Posted on: 31st Mar, 2010 10:16 pm
can the score of 700 get me a good 30-yr. fixed mortgage?
Hi Guest!
Welcome to forums!
If you meet the other required criteria of the lender, then you would be able to get a 30 year mortgage with a score of 700. You should have a stable financial situation and should be able to pay at least 20% down. Also, you should be able to show 2 years of employment history. Apart from this you should have the required debt to income ratio.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you meet the other required criteria of the lender, then you would be able to get a 30 year mortgage with a score of 700. You should have a stable financial situation and should be able to pay at least 20% down. Also, you should be able to show 2 years of employment history. Apart from this you should have the required debt to income ratio.
Feel free to ask if you've further queries.
Sussane
700 Credit Score will get you a very competitive Interest Rate when purchasing a home. If you the reuired 20% down payment, you can go the conventional route and avoid Mortgage Insurance. Otherwise, if you have anything below this 20% down payment, you will be required to go FHA with a minimum of ONLY 3.5% down payment and lesser Mortgage Insurance. I hope this helps...
rates still remain low, and a 700 score is still regarded as quite good by most. as james indicated, an fha loan will suit you if you have less than 20% for down payment. don't fret though, as fha rates are still quite competitive.
A more precise answer is probably "yes" but it will cost you at this FICO level. 30-year fixed with 20% down hit is 0.75 discount point. 720 would drop to 0.25 and 740 to no "hits". Pay to keep your credit clean and "balanced".