I'm in a time crunch to get to 620

[let]

yes, its to qualify for a FHA mortgage.  I just got notice today that a baddie has been deleted, so that leaves me with 1 baddie that falls off next month on TU, and 2 medical on EQ that are under dispute.  hopefully those deletions will help me get to 620 a little faster

[Anonymous]

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@let wrote:
yes, its to qualify for a FHA mortgage.  I just got notice today that a baddie has been deleted, so that leaves me with 1 baddie that falls off next month on TU, and 2 medical on EQ that are under dispute.  hopefully those deletions will help me get to 620 a little faster

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Just curious, are you happy with what you're rate will be? May I ask what it is?

[let]

I haven't been approved just yet, but they were talking about 5.25%

[Anonymous]

5.25 with 620 today? I would advise you going to bankrate.com to get a better picture. I believe nationwide average is like 5.34% and that's for people with GREAT credit. (we're talking high 700s, 800s).

Mortgage brokers love to sell people on the low rate, but he is going to come back and tell you he can only do 6.5% at least.  

Then you will most likely take it on the chance that maybe you'll have a couple of grand later to refi to 5.5 when your scores improved. (I was able to do just that in 5 months...I had a Wells Mortgage at 7%, then refied to BOA for 5.5% [did the FHA Streamline].)

Just giving you an idea of what to expect. FHA doesn't mean you will get low rate. Just means that if you barely qualify, you can get one, but expect the high rate.

[let]

I really haven't sat down with my realtor about all the rates, I'm just looking to get to 620 first.  That was just a number thrown around.  I'm sure with my scores I'll have a higher rate.  thanks for the heads up, I'm new to all this homebuyer stuff!

[Anonymous]

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@let wrote:
I really haven't sat down with my realtor about all the rates, I'm just looking to get to 620 first.  That was just a number thrown around.  I'm sure with my scores I'll have a higher rate.  thanks for the heads up, I'm new to all this homebuyer stuff!

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Trust me, I know everything you're going through right now and are going to go through. It seems that you definitely will push forward, though I would personally advise on getting your mid score to at least 680 so that your initial rate isn't that bad. However, if you have any questions about the mortgage process as all this stuff is still fresh in my mind about the process, feel free to ask. (Probably best to do it in the mortgage forum...lol).