What is an estimated rate we might qualify for on a mortgage?
Hi I was wondering if anyone might know (or had simular issues) what an estimated mortgage rate would be for us. We would pre-qualify, but we are trying to keep our credit inquiries down as we will (hopefully) be looking to buy in the next year. Here is our situation:
* Married first time home buyers. Median FICO’s of 568 and 571
* I filed Bankruptcy 2 years ago. My Husband has not filed bankruptcy before.
* I have been in the same field for 6 years.
*Husband has been a full time student.
*We and have paid off all outstanding debts except one car payment of $ 350 and a student loan of $ 100 per month both with excellent payment history.
*Our approx gross income is $ 65,000/year.
*We have $ 5,000-$ 10,000 for downpayment.
*Neither of us have a current rental history as my company takes care of our living arrangements (medical traveler).
Any suggestions or thoughts? Thank you
If the rate we are given is high (sounds like it will be) then if there is no penalties, Would it be likely that we could refinance in a few years after esablishing payment history and having better credit scores?