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


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Wiki User
2015-07-15 18:24:08
2015-07-15 18:24:08

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.

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

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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.

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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.

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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


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