What interest rate can I expect on a mortgage loan with my credit scores?

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What interest rate can I expect on a mortgage loan with my credit scores?
Today I have 564 588 654…I am hoping to have my mid-score up 10 pts by tomorrow, and then i am applying for the loan with the bank. I want a fixed rate, 100% financing, 30 yr loan for $ 160,000. My income and debt ratios are good. I am closing on the Aug 6th. I have already had the house appraised at $ 162K, I am paying over $ 5K in closing costs, and the house has been inspected. This is my first home purchase, is there anything I am missing?

  1. Reply
    January 22, 2011 at 5:29 am

    Im not sure you can get 100% with your mid score. Now adays the banks are way tougher than they were a couple of years ago, If they do the loan you’re probably looking at an 80-20 “2 loans 1 for 80% and 1 for 20%. The 80% one probably around 9%-10% and the 20% one at around 13%.

  2. Reply
    January 22, 2011 at 6:25 am

    With the way the market is today, I’, sure the banks are bending some of the rules a bit , but know that you will be paying more than you would if your score was higher. My advice would be to go ahead and get the mortgage, then keep an eye on you r credit, pull it again in 6 months and refinance for possibly a lower rate. Do not buy anything new on credit, just pay what you have in a timely manner. Your credit will improve.

  3. Reply
    January 22, 2011 at 6:48 am

    Well your income is going to need to be SUPER high to get anything even remotley decent with those credit scores. Espeically 100% financing. Im not sure you can even get that.

    TAKE MY ADVICE. ..you will never make any money on this deal unless you house happens to skyrocket. Your rates will be too high, and you will be going in with zero equity. Wait a while, save some money for a downpayment, and get your credit scores up over 620 or so.

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