I'm getting locked in at 3.3% on a $200K mortgage for a 3 flat bldg.!!!!!!! No down payment or closing fees either. Went through this great program called NACA. Bought the interest rate down from 5.86%. Check it out at www.naca.com .
My Fico scores at the time of app. was TU 605, EX 607, and EQ 639. They are really not concerned with credit more that your savings and spending habits. They approved another applicant w/ a 525 Credit score, but she had saved $7K. Got $215k mortgage including rehab!
I just attended the 4 hr orientation, and met w/ a counselor a few days later. Because I came to my appointment w/ all the necessary paperwork, I was able to get a decision in a few days. They are really great! They will even pay your mortgage for 6 months if you loose your job, or have any other situation that will prevent you from making your payments.
They are an activist organization, so they are really fighting to end predatory lending practices and promote neighborhood stabalization. I still can't believe that I got this great deal. I encourage anyone who does not already own property, or who wants to refinance to look into them.
I just made an appointment with them for this Saturday and will share what I learn. We have devastated credit from a past divorce and a nasty ARM. Our best bet right now outside of the NACA program is a refi at 10.1%, so if they really will help us it would be a lifesaver. Will post again soon.