buying home - Posted by ed

Posted by E.Eka on October 22, 2003 at 10:33:56:

In my experience you’ll probably get a higher rate due to your score being below 600. I’m thinking at least 7%. You’d also have to come up with more like 10%-20% down as well. But the good thing is there are hundreds of mortgage brokers and they offer lots of other products.

buying home - Posted by ed

Posted by ed on October 21, 2003 at 22:05:30:

Hi. I’ve been getting the run around regarding financing. My credit score is 560. Realistically, what rate can I expect on a 95% loan for a $225k home?

Re: buying home - Posted by Rich

Posted by Rich on October 24, 2003 at 15:17:49:

Do you have to buy now or just want to buy now? 95% is a high LTV for your credit score. Underwriters will look at your ability to pay by digging into your credit to see why it is scored as such. You may be approved but your rate may be in the high single digits or even double digits.

I would focus on improving your score or get into a lease program until you can secure a loan with better terms than what you would get now.