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what kind of rate will we get for mortgage with scores of 578 and 768

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Anonymous
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what kind of rate will we get for mortgage with scores of 578 and 768

Just curious to see what kind of mortgage rates we would get with my score of 578 and husbands of 768? 

Message 1 of 4
3 REPLIES 3
Mnmailman
Valued Member

Re: what kind of rate will we get for mortgage with scores of 578 and 768

I'm not an expert but if you are on the loan, I don't think you would be approved.

Message 2 of 4
Walt_K
Senior Contributor

Re: what kind of rate will we get for mortgage with scores of 578 and 768

The standard is to take the lowest middle score.  I'm not sure if you're providing your middle score, average score, or a score from only one report.  But they're going to pull all three scores, then take the middle score that is lowest between the two of you.  If 578 is your middle score, I agree, I don't know that you could get approved.  Maybe non-traditional financing where you put a very large downpayment down. 

 

Do you need to both be on the loan?  If your husband can qualify on his income alone, then he can apply on his own.

 

You may want to post some of the details as to what is holding your score down.  Especially over in the rebuilding forum.  You'll get lots of good advice on how to bring your score up.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 3 of 4
JMN
Frequent Contributor

Re: what kind of rate will we get for mortgage with scores of 578 and 768

I agree with the other posters that say 578 won't be approved. Even if an average is taken, there is only so low the lower score can be before any traditional lender will turn the loan down. Most banks will not want to take on a loan with this score history, because it is harder to be packaged and sold on the secondary market.

 

In terms of loans, generally, the most lienent - FHA loans - generally only take 620 as the lowest score, and even that is hard to obtain, depending on report history and what lending you're working with.

 

I'd suggest, if possible, to not be on the loan. If that's not an option, then you may be out of luck, unfortunately. 

Despite my employment in the banking industry, any and all views contained in this post are purely my own, and do not represent any financial institution, nor constitute as financial or investment guidance or advise.
Message 4 of 4
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