Posted on: 25th Mar, 2009 05:19 am
I'm looking at mortgages now and we both have decent credit. I've been told they use the middle of the 3 credit scores which are 781 and 713 for my wife. My bank told me that I have to pay .75 points because my wifes low credit score. Thats besides the 7/8 point I am paying to get a 4.5% 30 year fixed. She is telling me that she has to pay it because her score is lower than 720. We are putting down 20%.
yes, indeed; 740 is the new model score needed for the best pricing. i think you're doing well, with what you described.
I am on line now!
Hi Guest!
Welcome to forums!
I agree with George. In order to get conventional mortgage, your wife needs to have a credit score of around 720-740. However, for FHA loans, the minimum credit score required is 620. Your wife does not have the required credit score so she has to pay .75 points.
Sussane
Welcome to forums!
I agree with George. In order to get conventional mortgage, your wife needs to have a credit score of around 720-740. However, for FHA loans, the minimum credit score required is 620. Your wife does not have the required credit score so she has to pay .75 points.
Sussane
I also agree...the fees are in-line
