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Credit/FICO and mortgages
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Credit/FICO and mortgages
How much of a difference are people finding in interest rates/required down payments based on their credit? I'm curious about what specific scores and overall credit mean to someone looking for a mortgage right now.
What is the difference in interest rates/money down required, etc. between a score of 600 and 650? 650 and 700? How much does it improve with higher scores? (Please note that these are random numbers for the purpose of example!)
At what point (credit-wise) in today's climate is it difficult to get a loan?
Of course this may all change with the new FICO system but I'm curious about the current situation!
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Posted 2/22/08 8:00 AM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Credit/FICO and mortgages
anything under 660 is going to be tough these days
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| Posted 2/22/08 10:54 AM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: Credit/FICO and mortgages
Thanks, Beth, for the info. I keep hearing about how difficult it is to get a mortgage nowadays, and wasn't really sure who exactly is affected by that.
Do you have an idea of how much interests rates will vary as the scores go up?
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| Posted 2/22/08 1:21 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Credit/FICO and mortgages
Anyone can get an FHA loan as long as you can verify income. Talk to one of the major banks
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| Posted 2/22/08 2:08 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: Credit/FICO and mortgages
Posted by melijane
Anyone can get an FHA loan as long as you can verify income. Talk to one of the major banks
Thanks. I should clarify that I'm not concerned about us getting a mortgage, just wanted to learn more about who is affected by this. I AM curious about how your credit affects the rates you're offered.
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| Posted 2/22/08 2:51 PM |
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batm16
LIF Zygote
Member since 2/08 10 total posts
Name:
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Re: Credit/FICO and mortgages
One thing i herd today is that rates are actually up to 6 1/4. If your have solid credit scores then you should not have a problem. With not the greatest scores then FHA mortgage is something worth looking into. The tighter lending standards based on a report done be creditsuisse about 21% of the entire market was impacted by the tighter lending restrictions. That includes subprime, alt-a , and prime
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| Posted 2/22/08 3:31 PM |
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