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I have a 662 credit score.....

Posted on: 13th Sep, 2009 10:21 am
I am interested in a house in the 150k range. I have 30k to put down on it. Can I get a decent interest rate? My yearly income is about 100k.

Thanks,
Joe McDonald
Smoknjoe you should not have any issues in getting a loan.

You have decent credit score and good down payment and the vavaly fo the house is not high as compared to yoru income.

You need to show that you have been workign for last 2 years and your debt to income ratio is good
Posted on: 13th Sep, 2009 10:34 am
Hi smoknjoe

Welcome to our forum.

I would like to advice you that, If you have 662 Credit score then you may apply for FHA( Fedaral Housing Administration ).

You can get miore information about FHA on our forum check this out. http://www.mortgagefit.com/mobile-homeloan.html

Thanks & Regards
gunz.ijjistaff.
Posted on: 13th Sep, 2009 07:46 pm
It is really a good sign that you are putting down 20 % of the total cost thus it will not be a big burden on you in lateral stage.Its a good move.
Posted on: 13th Sep, 2009 10:28 pm
Hi Joe,

A credit score of 662 is enough to help you get an FHA loan, though it is not sufficient to get you a conventional loan. FHA requires you to pay a down payment of only 3.5% of the purchase price. Your $30k money will help you make a down payment of more than that. You can also afford to pay a few discount points upfront. This will help you get a lower interest rate. Your income is also enough to meet the income requirement for a home loan. Thus, you can qualify for a home loan at a good interest rate.

What you can do is, you can go for a no obligation free mortgage quote from the lenders of this community. They will assess your financial situation, credit scores etc. If you qualify for a loan, they will offer you free mortgage quotes. This will help you know the rates and terms that you can expect to get on the home loan.
Posted on: 14th Sep, 2009 02:01 am
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