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  1. #1
    Join Date
    Jan 2007
    Posts
    15

    Default Credit Score And Loans

    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

  2. #2
    Join Date
    Oct 2005
    Location
    Massachusetts
    Posts
    755

    Default Re: Credit Score question

    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.

  3. #3
    Join Date
    Jan 2007
    Posts
    15

    Default Re: Credit Score question

    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.

  4. #4
    Join Date
    Jan 2007
    Posts
    15

    Default Re: Credit Score question

    Quote Quoting Dad2
    View Post
    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

  5. #5
    Join Date
    Nov 2006
    Location
    Texas
    Posts
    354

    Default Re: Credit Score question

    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!

  6. #6
    Join Date
    Jan 2007
    Posts
    15

    Default Re: Credit Score question

    Quote Quoting Just Breath
    View Post
    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

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