I am going to be applying for a mortage soon and was wondering what I can expect. My scores are as follows: TU-515 EXP-592 EQ/FICO- 562 These will probably rise a little as I have had some inquiries and one negative account removed from them. Anyways, what can I expect as far as interest rates, minimum down payment, etc..? Any help would be greatly appreciated.
I applied online with Indy Mac and was denied, just wanted to get an idea of what we needed to do. I called them and I was told that I absolutely would not be considered without a min. of a 620 on EACH CB. Chargeoffs and collections must be paid, then they cannot put a lien on your new home
Oh, was also told that with 620 being the min, that most lenders want 5-10% down with that kind of score, plus a couple of thousand in closing costs. Intesest rate of 10%.
I have just got preapproval fro a mortgage FHA. my scores are 638-620. they said my interest rate would be around 7% I stil have some things to clean up but have gotten the pre approval and are shopping for a house.
