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What kind of APR can I expect?

I have a Credit Karma account and my Trans Union score is 603. My Equifax score is 607. I recently (8 months ago) had to purchase a car. When applying for auto loans, I was told my Credit Karma scores were very close to my actual scores. I am looking to purchase a Mobile/Manufactured home second hand and would like to know what kind of APR I would be looking at, as well as any restrictions attached to such a loan. I am 23, working full time in a hospital( I make around 40,000/year) and I go to school full time. by destinyp177162 from Berkeley, California. Jul 2nd 2016 Reply


Hello,I just wanted to help answer your question regarding your loan. It sounds like you are possibly eligible for an FHA loan. If you would like more information please feel free to call me. 720-275-2826Victoria Torres Citywide Home Loans

Jul 2nd 2016
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Scott Fix (ScottFix)
#1325 ranked lender in California - 184 contributions

Here is a quick answer to your questions. Unfortunately, Credit Karma IS NOT the best source to use for accurate credit scoring. When a loan professional pulls your credit, your middle score is used for your credit worthiness. Typically, but not always, TU is the highest and Experian is the lowest. Equifax seems to hit the middle ground many times. Also, it depends also upon other factors which I can explain. Now, interest rate and APR are different. The best scenario for you is to work with a local loan professional who you can sit down with to go over all options as well as the loan process etc. Avoid doing business over the internet for your first loan. Call me with questions and I will be happy to help you find a local professional in the East Bay. I am located in Sacramento, but I have a contact in the Hayward area who does a fabulous job. All the best, Scott. 916-470-0947.

Jul 3rd 2016
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So just to clarify, I live in Sacramento, not Berkley.

Jul 3rd 2016
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Scott Fix (ScottFix)
#1325 ranked lender in California - 184 contributions

Destiny, I will be happy to make an appointment to meet with you. Just let me know if I can be of help. Our office of Elite Mortgage is located in South Sacramento. I can meet you at your convenience and around your work schedule. All the best, Scott. 916-470-0947.

Jul 3rd 2016
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Lorne Harvey (lorneharvey)
#1 ranked lender in Washington - 418 contributions

I would agree that credit scores from Credit Karma are inflated, and mortgage scores are typically lower. I recommend meeting with a local lender.

Jul 5th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

An FREE credit report, and even most of the ones available with credit monitoring services give you your "ADVANTAGE" credit score. This IS NOT the same credit scoring model that lenders use, and therefore the score you see is not the same a lender will get. Generally places like Credit Karma score run high, and the real score you will get will most likely be lower. Contact a local mortgage lender.

Jul 5th 2016
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Larry Gray (lgray_312_247)
#4 ranked lender in California - 1,127 contributions

If you are serious about shopping for a home now is definitely the time to work on increasing your credit scores. I know in having loans for home buyers strictly seeking to buy a manufactured home (with permanent foundation) you do not need anywhere near perfect credit, but the score requirements are higher than the minimum requirement for a standard condo or single family home purchase. Have you had someone analysis your credit and help you in taking necessary steps to increase your credit scores as rapidly as you can? You do not have that far to go if your mortgage loan credit scores are anywhere close to these scores. For a standard home (not manufactured) our minimum mid fico score requirement is 580.

Jul 5th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Credit Karma is not accurate.. in fact.. we call it the "Fako Score".. understand that when you apply for a credit card.. your scores are based on the likelihood of you defaulting on a credit card.. like wise, when you apply for a car loan, the scores are based on the likelihood of you defaulting on an auto loan.. the same holds true for mortgages.. The credit bureaus use completely different scoring models based on the type of credit you are applying for. But with Credit Karma.. your not actually applying for any credit.. so what scoring model do they use? The obvious answer is the one that get's you the highest scores.. which is why it's so inaccurate. As far as what you can expect for an "APR".. much, much more info needed to quote you properly.. Sale price, loan amount, title fee's, ancillary fees, etc.. these are all factored into your APR.. so without knowing all the details of your loan, it's impossible to say.. For this reason, I suggest you 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 NMLS# 226347

Jul 5th 2016
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