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Can you get a good mortgage rate with a FICO score of 620?

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βˆ™ 2015-07-15 18:24:08

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It depends on the what is in your credit file when it comes to FHA. The best FHA lenders offer the best rates at 660 minimum credit score. They will also look to see if you need to have a 'manual underwrite' done on your loan. If that is the case, then you will have a higher rate.

2015-07-15 18:24:08
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Q: Can you get a good mortgage rate with a FICO score of 620?
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Can you get a good mortgage rate with a FICO score of 686?

FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.


Can you get a good loan rate with a FICO score of 826?

Uh, yes. That's extremely good.


Is the score 735 a good credit score?

In general, yes a score of 735 is considered a great score. With this score you should get the best interest rate at almost all lenders. However, each lender and each industry has a different tolerance for the risk they will take. Your FICO score is really only a measurement of the risk of you defaulting on a debt. Some lenders for example may require a score of 740 or 760 to be granted their best interest rate. For a FHA mortgage, a FICO score of 640 will get you the best rate available.


What is a common interest rate with a 721 fico score?

The higher your FICO credit score, the lower your interest rate is commonly. If your score is at 721 then your interest rate may be approximately 3 percent.


Can you get a mortgage loan with a 480 Fico score?

I want to buy a 420,000 home I have 200,000 to put down my three scores are 480, 510, and 520. Will I be able to purchase this home and get g good rate mortgage. thanks johnny


What is the insert rate on a 30 year mortgage with a fico score of 686?

Your interest rate depends on the bank that you go to. Talk to different loan officers to determine the best interest rate for you.


Is a credit score of 671 good?

671 is a good score thru the eyes of a mortgage lender. Anything over 620 will get you a conventional rate or the street rate you hear offered on the radio or tv. There are a number of different credit scores. Since you did not indicate what credit score you are referring to I am assuming you are referencing your FICO score. You have 3 FICO scores, 1 for each of the major credit bureaus (Equifax, Experian, and Trans Union). The score measures the likihood you will repay your debt. You can help increase your score by paying on time and reducing your debt. The score is also used by lenders for loan decisions and interest rate assignment. The FICO score ranges from 300 to 850. The minimum FICO score lenders like to see is 723. The national average is about 678.


Can you get a decent mortgage rate if you make 40k annually with a FICO score of 705 and your spouse makes 50k with Fico score of 550 with paid collections accounts?

More than likely, you will be able to qualify for an FHA with 3.5% down. They don't focus much on your score versus other items such as your income which seems pretty decent. Good luck.


What is considered a good interest rate on a mortgage?

A good interest rate on a mortgage in 2014 is 4.2 percent. This varies greatly depending on the type of mortgage and the credit score of the applicant.


Can you get a good mortgage rate with a FICO score of 623?

It depends on the what is in your credit file when it comes to FHA. The best FHA lenders offer the best rates at 660 minimum credit score. They will also look to see if you need to have a 'manual underwrite' done on your loan. If that is the case, then you will have a higher rate.


What should a FICO score be to get approved for mortgage?

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What effect does a credit score have on a mortgage?

The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.


What are some tips on getting a good rate on a second mortgage?

In order to get a good rate on a second mortgage, one would have to be on top of payments, or have the first mortgage paid. The next step would be ensuring that one has a good credit score.


What is the score range a FICO score can fall under and what is a good score?

FICO scores range from 300-850, and most people score in the 600's and 700's. Scores above 700 are considered very good.The average FICA score is typically at about 700 but it is not usually the case. In order to get the most favorable interest rate, keep your score somewhere between 760 - 850.


Whose FICO score is used on a joint mortgage?

The person that makes the most money is the FICO score that will be used to determine your interest Rate. Mortgage lenders will ALWAYS use the person who has the highest income as the primary borrower. Sometimes in the case of married couples it is better to only use one spouse (who ever has the higher score) as long as the income from one will satisfy the debt-to-income ratio required by the lender. The higher score will generally affect the interest rate while the income does not. ...and some lenders will use the lesser of the credit scores reguardless of income.


Can you get approved for a mortgage loan with a FICO score of 587?

Yes, you can get approved for a mortgage loan with a FICO score of 587; however you may have to pay a higher interest rate. You can definitely obtain a loan with a 587 FICO. While its not the best score one could have its not the worst, your rate will be higher since you would be considered a sub-prime borrower but you could obtain up to 100% financing with a 580 or better. Your credit history will also be a factor, have you filed for bankruptcy or credit counseling, do you have any collections or charge-offs. As well as your income and debt to income ratio. With FHA you can put 3% down, and they dont have a credit score requirement. Make sure to use a broker who has access to more than one FHA mortgage lender.


What is the interest rate for an auto loan with a fico score of 605?

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How does your credit rate effect your mortgage rate?

The higher your credit score, the lower your payments. The lower your credit score, the higher your payments. The analogy above shows how your credit rate affects you mortgage rate.


How does a bank set a home equity loan rate?

A home equity loan rate is determined by the total loan amount and the individual's FICO credit score. The total loan amount is based on the net value of the house and the remaining mortgage.


Can you get a 58000 mortgage with a credit score of 667?

Sure, it just won't be at a very good interest rate.


How does a FICO score of 672 affect being accepted for home loans?

It affects your interest rate.


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What mortgage rate will you get with a 650 FICO?

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What is the average current mortgage rate?

The average mortgage rate is different for each state. Mortgage rates also vary based on the length of the mortgage and the person's credit score that is applying for the mortgage. To estimate the average mortgage rate for your state you could visit mortgagecalculator.org.


What is considered a good refinance rate for a mortgage in Florida?

A good refinancing rate for a mortgage loan in Florida would be a very low rate. A rate under 5% would be a very good refinancing rate for a mortgage loan.