What interest rate should I expect for a 1st time buyers mortgage with a credit score of 590?
I have been on the job for 7 years, income 75k, sales job, single w/ 2 kids. In California, loan amount to be 250k. 100% financing.
- 1 decade agoFavorite Answer
Mid 7 percent on the 1st mortgage and 10-12% on the 2nd. Give me a call at 1-866-597-2968 x11 (I'm a mortgage consultant) and I can tell you for sure. You may qualify for 100% conventional financing with slightly higher mortgage insurance.
- Doctor JLv 71 decade ago
You will Pay! 75K? Why is your credit so bad? Pay off your debts. Pay all of your bills in full and on time. This will improve your credit score. Build up enough savings for at least 10% down - this will give you a margin of safety. By the time you do these things, the prices in the housing market in Cal. will have come down, so the house will cost you less and the loan will cost a lot less! (And, most importantly, you won't lose your home to foreclosure in 5 years!).
- 3 years ago
there is so a lot more desirable to it than the solutions previous are letting you already know. maximum persons in the loan agency today in person-friendly words study 30% of what's presented available because those loans pay them the most funds. you need to qualify for an interest fee everywhere from in the 6's to the ten's, depending some aspects. have you ever been previous due on your loan in the perfect 365 days? have you ever declared financial disaster? have you ever been previous due on the different funds? How a lot of your earnings in line with month is going in the route of your debt? what's your position nicely worth compared to what you owe? you fairly favor to talk with someone and bypass over specifics. do not use an internet site or 800 volume that someone posts the following. be at liberty to e-mail me once you've particular questions.
- BornredprincessLv 41 decade ago
Most finance companies want at least a beacon score of 600.
You unfortunately will most likely incur a higher interest rate. Check to see what the prime rate is right now, and know that the prime rate is for people with good to excellent credit.