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what is the interest rate for a mortgage for 640 credit score?

by warren.smith597 from Albion, California. Jul 1st 2015 Reply


Paula Richardson (prichardson@uamco.com)
#1106 ranked lender in California - 4 contributions

Great question! I would need to know the following to answer youare you going to put 0% down on the 5%Grant Programor 3.5% down on the FHA3% Down on a Conventional Loanor 10% downor 20% downwhat would be your approximate purchase price?The Down Payment and Purchase Price is the most important 2 answers I need.

Jul 1st 2015
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Paula Richardson (prichardson@uamco.com)
#1106 ranked lender in California - 4 contributions

I hope you can read my answer.. the reply got all pushed together.I'll try again.......0% down payment for the 5%Grant Program is one of our Programs I could quote you, depending on the purchase price.3.5% FHA Program....3% Down Payment Conventional Loan....10% Down Payment...20% Down PaymentI would need to know the Purchase Price you are thinking of to quote you an interest rate. You have options.

Jul 1st 2015
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Jeff Phillips (JeffPhillips)
#680 ranked lender in California - 33 contributions

HI Warren,There are other factors besides fico score. I would be happy to get you a firm quote. Please call me at 415-867-6488 or jeff@hpifinancial.com

Jul 1st 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

There's so much info necessary to quote you a rate that it would be incompetent for any loan officer to quote you without looking at your complete loan scenario, and anyone that does, is probably someone you should avoid using.. you would be setting yourself up for disappointment.. FHA, conventional, USDA, VA.. all have different rates.. what's your loan to value? how much you putting down? What's your loan amount? $400K loans get better rates than $50K loans. What are your other 2 scores.. lenders look at the mid score of ALL borrowers when pricing a loan.. What's the property type? Condo, Single Family home, Duplex, manufactured home? All these property types have different rates.. I could go on and on, but I'm sure you get it by now.. For this reason, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 2nd 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

A lot more factors are needed to quote you an interest rate. Your best option is to contact a local loan officer or two and give them all of the information that is needed to get a proper quote. Otherwise, anyone who would give you a rate is doing so without all the required info and it most likely would not be accurate.

Jul 6th 2015
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