If anyone wants to share. I am curious what others have been able to achieve in getting a mortgage/interest rates. Also has anyone used Ditech for a mortgage? Our middle scores are 593 (mine but no income) and hubby's 555.
Hi. In Brooklyn NY my middle score has to be over 620 to qualify for better rates. At 680 I no longer need a subprime loan altogether. When my middle score was 610 I was quoted 8.25%. When it lowered to 599 I was quoted 10%. They both required 10% down as well. Now with raised scores I can get a 6.25-7.50 30 yr fixed rate. The ARM and IO loans offer me a 5.25 beginning rate. They still require the 10% down payment. If you're able to put 20% down the scenarios change considerably in your favor. I'm still pushing for the 700 middle score and I just requested my INNOVIS and CHEXSYSTEMS reports to make sure there are no surprises at closing. I'd also like to opt out of any databases that may have my information. I hope this helps.
