What interest rate can I expect on a 80/20 mortgage loan?
PrincessB asked:
Me & my husband are trying to purchase our first home. We should be pre-approved in the next few days. My middle credit score & my husbands are each 580, we make $75K combined. We are looking to purchase a home for approx $140K…any ideas on what rates we should expect? Thanks!
Caffeinated Content for WordPress
Me & my husband are trying to purchase our first home. We should be pre-approved in the next few days. My middle credit score & my husbands are each 580, we make $75K combined. We are looking to purchase a home for approx $140K…any ideas on what rates we should expect? Thanks!
Caffeinated Content for WordPress
Tags: Credit Score, Few Days, Interest Rate
February 17th, 2009 at 3:24 pm
Caffeinated Content
Probably in the low 7’s
February 20th, 2009 at 2:27 am
Caffeinated Content
For 100% one loan honestly your looking at around 10% with a 580 fico score. On an 80/20 you can expect about 7.9% on the first and 11.5% on the 2nd. if your lucky. Why dont you do a first time buyer program?
February 20th, 2009 at 10:00 am
Hi,
This is Erica Smith, owner of some quality financial websites having strong internet presence,high traffic and good quality content. As I found your website is very much relevant to my one, I’d like to have you as my link partner.
I have several finance blogs(with good pr) and sports/seo/computer/IT/mobile sites to link back to your website.
All the websites of mine are frequently cached and the articles get updated almost every week.
If you agree to do link exchange with me, then both of our sites will be benefited in terms of visitors and ranking.
Have a nice day.
regards,
Erica Smith
ericasmith568(at)gmail(dot)com
February 23rd, 2009 at 4:57 am
Caffeinated Content
You are going to get killed on your rate with a credit score of under 600. I would consider renting until you and your husband could get your credit score in the 710+ range. I don’t know what rate you’d get, but it’s probably going to be well over 7%.
You can probably find a better answer here:
February 24th, 2009 at 11:13 am
Caffeinated Content
Low 7’s….I don’t think so. You have a “poor” credit score, I’m assuming full income doc, and zero down.
You’re probably looking at the mid 8’s on the first and double digits on the second.
If it’s full-doc and you can document your income and you don’t have current collection accounts or judgments, try for FHA or the My Community loan, though you might make too much money for the My Community one. These offer rates in the high 6’s to low 7’s.
February 27th, 2009 at 9:27 pm
Caffeinated Content
I can get you a 100% 30yr Fixed Rate @ 9.9% or a 2yr Arm @ 8.9% give you time to work on your credit!
Sneldon Berry