Acceptable mortgage rate? What would an acceptable mortgage rate be for a couple next to

What would an acceptable mortgage rate be for a couple next to FICOs of 620 and 680? High income and low debt. 100% finance, O down, 30 year fixed. Dallas, TX nouns. Thanks in credit. I have be quoted 11.25%!!

Answers:
That's way too much ... apply for a FHA loan. you will catch approved for a very low rate of 5% at the lowest and there is also downpayment assistance too, that will cover your downpayment cost. You can message me on messenger, and I will afford you the details!

11.25?? Oh HELL NO!! With your FICO score you should be no sophisticated than 6%. IF THAT!

Mine was 670, same scenario as you and I get in at 5.25%. Of course, this be 4 years ago but still, it's a buyers market.hold on to shopping around.

I actually work surrounded by the mortgage industry, focusing on the state of Texas. 620 and 680 are considered to be fair credit (a little smaller amount than good, but not poor). On a 30 year fixed near 100% financed you should be able to find a rate around 8.00% for a first mortgage. If you're looking at a second mortgage (equity loan) you'll compensate around 10% right now.

Shop around. That rate is TOO HIGH considering your credit score. In most cases your mid-credit score is used to determine the rate. There are a few out here that use your high ranking, but they are not as common.

I use to be a Mortgage Loan Originator surrounded by Ohio. Ask your Loan Officer how many points they're getting on the operate. Each point costs you $$$. Loan officers gain paid on the front shutting down AND THE BACK END OF THE LOAN.

My husband just get an interest rate of 7.85% on our new house. His mid chalk up is 582. Shop around, it won't hurt.

Good Luck!