What is an estimated rate we might qualify for on a mortgage?
Mortgage
Hi I was wondering if anyone might know (or had simular issues) what an estimated mortgage rate would be for us. We would pre-qualify, but we are trying to keep our credit inquiries down as we will (hopefully) be looking to buy in the next year. Here is our situation:
* Married first time home buyers. Median FICO’s of 568 and 571
* I filed Bankruptcy 2 years ago. My Husband has not filed bankruptcy before.
* I have been in the same field for 6 years.
*Husband has been a full time student.
*We and have paid off all outstanding debts except one car payment of $350 and a student loan of $100 per month both with excellent payment history.
*Our approx gross income is $65,000/year.
*We have $5,000-$10,000 for downpayment.
*Neither of us have a current rental history as my company takes care of our living arrangements (medical traveler).
Any suggestions or thoughts? Thank you
If the rate we are given is high (sounds like it will be) then if there is no penalties, Would it be likely that we could refinance in a few years after esablishing payment history and having better credit scores?
Carl
May 31st, 2009 at 3:54 am
Frank
From the information u gave u could not go F H A so u will have to get a B loan or conventional loan, your rate will most likely be around 9% - 12%.
May 31st, 2009 at 5:47 pm
Roy
I don’t know your state (or your state laws), but I’ll give you this. . . According to your input, you qualify for an $1,895.83 payment, which on a 30 year at 7.5 would buy you a 271,018.00 house. — Don’t worry about rental history, as long as your employer is willing to document that its being paid, its being paid. — Best of luck to you.
May 31st, 2009 at 8:33 pm
Marilyn
first thing what i will do, is to go and speak with good mortgage broker and try to work on your credit before you will start looking for any mortgage. you don’t have any debts almost, your payment history is good now, so i thing it will be worthy for somebody good to take a look at your credit and tell you how to improve . sometimes small ” adjustments and changes” can make huge impact on your credit ratings. mortgage brokers have access to new tools to analyze your credit and tell you what to do to improve your credit scoring and how many points your credit score can go up and how mach time this will take.you have time, at least couple mts and i will advise you to try this.
if you will not do anything with your credit- interest rate will be higher about 2-3% from normal interest rate, just because your credit score. you can refinance your mortgage after you buy the house, but for refi. to be worthy for you - your credit score need to improve. again we come back to square one - credit. the sooner you will start to work on this, you will be better off in the long run.
June 1st, 2009 at 9:53 pm
Troy
AMAZING THREE ANSWERS AND ALL BAD! dont worry about your score you do qualify for an FHA mortgage and you will get a competative rate somewhere around 7% today.
you dont need to wait a year to buy in fact you should buy right now!
also, sounds like you are eligible to recieve a FREE grant for your downpayment using an FHA mortgage. i know all of this because i am national mortgage banker and an FHA direct endorsed lender which means we reveiw you loan application and make the lending decision we dont send it out for approval any place else.
feel free to call me at 1-877-472-6810 and i will give you all the detials. dont listen to anyone that says you cant based on your credit score!
good luck