Mortgage with average credit

[Anonymous]

I'm recently married, and starting to look at purchasing a new house.  My wife and I have a mixed bag of credit history.  One has a score upwards of 750, the other is in the low to mid 600's with a bankruptcy that has been discharged for 3 years.  What is the likelihood of achieving a good loan rate (less than 8%)?? 

[Tuscani]

Scores are not everything! How much is the house? What is your DTI? Any money down?

[Anonymous]

Looking in the range of $200K - $230K.  At this point, downpayment would probably be about $5K.  How much does salary go into it? 

[Anonymous]

Scores are not everything! Tell em Tuscani!!!

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Tuscani wrote:

Scores are not everything! How much is the house? What is your DTI? Any money down?

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[Anonymous]

Anything over 720 is gold. Are both spouses working? Some programs look at all 6 FICO scores (3 for DW and 3 for DH) and obtain either a median or a mean.

My median FICO was around 620 when DW and I got approved--they used only my score and her median is about 40-50 points higher. We close Friday at 6-5/8%, $0 down, 100% financed, and the seller is paying closing. Our only costs were the earnest money and the home inspection.

Talk to a broker. OMG has posted about programs that save you money on your PMI by taking a class. The My Community loan program we're in gave us credit for the first time buyer class I took.

[Anonymous]

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Tuscani wrote:

Scores are not everything! How much is the house? What is your DTI? Any money down?

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OK, Iam Lost now. please explain

[Anonymous]

cspar1212 wrote:

OK, Iam Lost now.

About what?