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What kind of rate can I get?

I am a single parent working two jobs, and my gross income is 65-70K. I have good credit in the high 600's and have saved up enough fora 3% down payment. What kind of a rate would I be able to get on a 30 year loan? by helena186 from Oxford, Ohio. May 24th 2016 Reply


Tim Bradford (Tim Bradford)
#8 ranked lender in Ohio - 145 contributions

Helena, I would doubt if anyone can give you a Rate Of Interest that can be relied upon. With your Credit Scores it sounds like you could qualify for a 3% down Conventional loan or with a little bit more down a FHA Loan. There are pros and cons of each loan. On my profile page you will find my phone number if you wish to discuss the Pro and Con's of these two option. When we talk you will not be under any obligation to use me or the products I offer. Just give me a call.

May 24th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,797 contributions

Much more info needed to properly answer your question.. So many things are considered when determining one's eligibility, and you only provided a few.. High 600's doesn't really say anything.. Lenders look at all 3 bureaus, and use the MIDDLE score of all three for loan pricing.. There are improvements with increasing credit scores in increments of 20.. so 660, 680, 700, 720, etc.. each tier gets slightly better.. Also, because you are only putting 3% down, you will have mortgage insurance.. and MI is also tiered based on credit score... What about property type? Single family home, condo, manufactured home, duplex, triplex 4-plex.. each of these property types have different loan pricing.. I could go on, but you should get it by now.. This I know.. Rates are low.. in fact their the lowest they've been in nearly 50 years.. so if you're on the fence about buying, get off it, and go buy a home.. And if you want to know exactly what you qualify for, then you should contact a local mortgage broker and let them look at your complete loan profile.. it takes less than 15 minutes, and he can put together several loan scenarios with different loan programs that might work for you.. and no more guessing.. 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

May 24th 2016
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Jennifer Sheil (findohioloan)
#75 ranked lender in Ohio - 5 contributions

Hi Helena, I am a Miami Grad and working with two teachers at Miami currently to help them buy a house/mortgage.... If you have 3% down you can do home ready conventional program with MI or FHA. you are looking about 3.5% on FHA and 3.75% for Home REady.... I would need to pull credit and talk to you to confirm. If you would like to call me 513-602-5498. My website is www.jennifersheil.com and my profile on Zillow is www.zillow.com/profile/jennifer-sheil

May 24th 2016
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