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New Mortgage Qualification?

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Kissyfur30
Valued Member

Re: New Mortgage Qualification?

What was the interest rate you got these two?  I am in the low 500's but quickly building my scores with timely payments and paying off CC's.  Once I get to the 600's I am going to try to get a home loan.  I was just wondering what kind of interest rate these two with low 600 scores got and do they have to do any type of documentation, such as employment or rental history?  I will be a first time buyer. 

Starting Score: 557
Current Score: 557
Goal Score: 700


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Message 11 of 14
OneMortgageGuy
Regular Contributor

Re: New Mortgage Qualification?

Your goal sould be to get your scores above 600. Try and save some money so you have reserves and work on getting your DTI low. Even with scores in the low 600 you can still get below 7%.
Message 12 of 14
Anonymous
Not applicable

Re: New Mortgage Qualification?

I have 12 months of great renting payment, my own company for 5 years, I pay $950 a month on rent and will be paying $1,589 a month on mortgage with 7% interest rate with stated loan.
Message 13 of 14
OneMortgageGuy
Regular Contributor

Re: New Mortgage Qualification?

If you got a 7% going stated I take it and run!!!!!! Run Fast!!!!! Good Job!

Teresa wrote:
I have 12 months of great renting payment, my own company for 5 years, I pay $950 a month on rent and will be paying $1,589 a month on mortgage with 7% interest rate with stated loan.



Message 14 of 14
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