My middle score from FICO is 645, what kind of rates....?

Question

can I get if I put down approx. 30% on a $450,000 house?

My wife and I will be joint applicants. Her FICO's are worse than mine, and I make more than she does. By the time we are ready to buy, I will probably be making around $68K and she should be making around $50K. We currently own our co-op and will make a nice profit off of it when we are ready to sell; enough to put down the 30% and have some money left over.

More likely than not, we will probably be looking for houses in the state of NJ.

Thanks

Sorry. Her middle one is actually around the same as mine - 645. I went and checked the copy that I have and realized that it was higher than I thought it was for some reason. I don't know much about Fannie Mae loans, was thinking about going with one of the banks out there.

Answer 1

The previous responder is not quoting you a 30 year fixed rate.

With a 30% down payment, your mortgage options are many. However, the lender will use the middle scoreo of the lowest scoring borrower so if your wife's assigned socre is lower than 645, you have not supplied sufficient information to give you a concrete response.

If her score is 620 or higher, you should be able to access a Fannie Mae fixed rate loan if that is what you desire. Those rates have been ranging from 6% to6.25% in the last few weeks. I am quoting you a par interest rate ( no buydown) with a .75% loan fee.

I can lend in all states and work for a National Bank. I'd be happy to run some figures for you and answer any other questions you may have. Feel free to email me.

Answer 2

Go to a bank or credit union to avoid all middle men. If you dont want to do that have 3 loan officers from different companies and go with the cheapest. Always shop loan officers, if not yoou may get roped.

Answer 3

Do yout homework on bankrate.com