Hi everyone, Heres my situation. I have good credit all scores 720+ but I have no history other than a year of renting, some 8 month old credit cards and other non traditional sources like Bellsouth, cable and power for about a year and a half. My income is @ $65000. My girlfriends credit is not so good, @ 620 scores, one foreclosure in the past year but other than that a perfect credit history of many years with no lates other than the ones regarding the foreclosure...possible 4 or 5. Shes earns @ $53000. Our house is $254000 that will be built in 4 more months. Closing @ that time as well. We havent run the figures with the mortgage broker yet but he said with her credit we wont be able to get a good rate on our house. We are in Florida. My question is, with the info I have given has anyone in this sort of position received a good rate on their mortgage. Anyone have any ideas on what kind of rate I could possibly get with the above info. At one point I was hoping to get @ 7% but with talking to the broker I am worried!! I havent let him run the official numbers yet because I am hoping to get my girlfriends score a bit higher in the next couple of months. Any suggestions, ideas, info would help. This mortgage stress is going to be the death of me! Thanks.
I don't have real specific info about Florida rates, but when I first talked to a broker here in Texas, she said the cut off for prime rates is 620. meaning, to get anything close to a prime rate, you must have scores of at least 620. That was about as far as our conversation went, since me and husband had some cleaning to do! peace, delilah
