Credit Score And Loans

**goodlife** · 01-02-2007, 03:17 PM

Can a person get approved with a good interest rate for a mortgage with a credit score in the 660's?

I keep reading conflicting information

Thanks in advance

**Dad2** · 01-02-2007, 06:41 PM

There is a loan for everyone.
660 score will get you an interest rate close to 10% ( yeah, not good at all )
But, you can refinance after 120 days. a 720 score will get you into a good mortgage, with good rates. I have seen my score go up 40 points in 6 months, so it is possible, and you need to bust your ass to do it.
Look into a stated income mortgage and/or stated asset mortgage.
You will also need to do some legwork to find a mortgage broker who will get you a loan. Don't get discouraged when the first guy says he can't do anything for you.
Keep looking.

**goodlife** · 01-02-2007, 07:12 PM

oh wow, thanks...I had no idea the rate would be so high....some of these sites make you think you'll get a pretty good not great rate if youre in that range.

**goodlife** · 01-02-2007, 07:33 PM

Quoting Dad2

There is a loan for everyone.
660 score will get you an interest rate close to 10% ( yeah, not good at all )
But, you can refinance after 120 days. a 720 score will get you into a good mortgage, with good rates. I have seen my score go up 40 points in 6 months, so it is possible, and you need to bust your ass to do it.
Look into a stated income mortgage and/or stated asset mortgage.
You will also need to do some legwork to find a mortgage broker who will get you a loan. Don't get discouraged when the first guy says he can't do anything for you.
Keep looking.

zi just dont see what else I can possibly do to increase my score...Ive been nitpicking lately...looking for any little flaw on my reports

**Just Breath** · 01-02-2007, 09:38 PM

I think it depends on your mortgage broker. Mine was an incredible guy! My score was below 550 and he managed to find a 20 yr FHA loan at 6% for me in fall 2003. I am a single woman, too....no co-signer. Although my score was low, I had a steady good income but only 3% down payment. Other factors to consider is your income-debt ratio. I still get Christmas cards from him, too!

**goodlife** · 01-03-2007, 06:46 AM

Quoting Just Breath

I think it depends on your mortgage broker. Mine was an incredible guy! My score was below 550 and he managed to find a 20 yr FHA loan at 6% for me in fall 2003. I am a single woman, too....no co-signer. Although my score was low, I had a steady good income but only 3% down payment. Other factors to consider is your income-debt ratio. I still get Christmas cards from him, too!

wow, that is incredible!

I guess its a matter of shopping around