Wednesday, August 17th, 2011 at
9:06 am
Aug
17
What interest rate can I expect on a 80/20 mortgage loan?
ByQuestion by PrincessB: What seductiveness rate can you design upon a eighty/twenty home loan mortgage?
Me & my father have been attempting to acquire a 1st property. We should be pre-approved in a following series of days. My center credit measure & my husbands have been each 580, you have $ 75K merged. We have been seeking to acquire a residence for approx $ 140K…any suggestions upon what rates you need to expect? Many thanks!
Finest reply:
Response by mzJakes
Almost positively in a low 7′s
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4 Comments
August 17th, 2011 at 9:17 am
For 100% the single loan overtly your seeking during around 10% with the 580 fico score. On an 80/20 we can design about 7.9% upon the initial as well as 11.5% upon the 2nd. if your lucky. Why dont we do the initial time customer program?
August 17th, 2011 at 9:45 am
You have been starting to get killed upon your rate with the credit measure of underneath 600. we would cruise renting until we as good as your father could get your credit measure in the 710+ range. we do not know what rate you’d get, though it’s substantially starting to be good over 7%.
You can substantially find the improved answer here:
http://finance.yahoo.com/loan/mortgage/calculators_index
August 17th, 2011 at 9:59 am
Low 7′s….I do not consider so. You have a “poor” credit score, I’m presumption full income doc, as well as 0 down.
You’re substantially seeking during a midst 8′s upon a initial as well as stand in digits upon a second.
If it’s full-doc as well as we can request your income as well as we do not have stream pick up accounts or judgments, try for FHA or a My Community loan, yet we competence have as well most income for a My Community one. These suggest rates in a tall 6′s to low 7′s.
August 17th, 2011 at 10:34 am
I can get we the 100% 30yr Fixed Rate @ 9.9% or the 2yr Arm @ 8.9% give we time to work upon your credit!
Sneldon Berry
S_Berry_Jr@yahoo.com