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Hi-
They will use the lesser of your 2 middle scores. If his middle is 600, and yours is 700, they will use 600. To get the best interest rates for FHA, you need at least a middle of 620, for conventional, probably 680.
@itsjustmeibe wrote:Hi-
They will use the lesser of your 2 middle scores. If his middle is 600, and yours is 700, they will use 600. To get the best interest rates for FHA, you need at least a middle of 620, for conventional, probably 680.
Really? I was under the impression that you needed 720+ for the good rates, 760+ for the best rates now. I am very interested as I am going to look into buying a house later this year. Working to get a collections off my wifes credit to put her back in the mid 700s.
@Anonymous wrote:
@itsjustmeibe wrote:Hi-
They will use the lesser of your 2 middle scores. If his middle is 600, and yours is 700, they will use 600. To get the best interest rates for FHA, you need at least a middle of 620, for conventional, probably 680.
Really? I was under the impression that you needed 720+ for the good rates, 760+ for the best rates now. I am very interested as I am going to look into buying a house later this year. Working to get a collections off my wifes credit to put her back in the mid 700s.
Message Edited by Jayjinx on 04-29-2009 10:16 AM
@Anonymous wrote:
@Anonymous wrote:
@itsjustmeibe wrote:Hi-
They will use the lesser of your 2 middle scores. If his middle is 600, and yours is 700, they will use 600. To get the best interest rates for FHA, you need at least a middle of 620, for conventional, probably 680.
Really? I was under the impression that you needed 720+ for the good rates, 760+ for the best rates now. I am very interested as I am going to look into buying a house later this year. Working to get a collections off my wifes credit to put her back in the mid 700s.
Message Edited by Jayjinx on 04-29-2009 10:16 AM
Not for FHA.
For FHA, a 620 gets you the same rates as a 720.
Really?
I've been doing research for a good while and haven't seen that anywhere thanks for the information very helpful sir. If you have time could you tell me a few more things? Are the rates the same as a conventional loan? Are the DTI ratios for FHA still 29/41?
@Anonymous wrote:
Thanks madam..
I've been doing as much reading as I can here, very helpful information indeed. About to start a new thread for advice.
BTW ShanatheMortgageMan's title should be changed from "Super Contributor" to "You should be paying me for this".