2007-09-20 09:43:52 · 9 answers · asked by redrose 11 1 in Business & Finance ➔ Renting & Real Estate
Your score is great.
The amount you are talking about is going to be considered a Jumbo Loan. As you may know alot of turmoil has occured around sub-prime loans (which you are not) and jumbo loans (which you are).
You will be looking at a conventional loan as FHA will only go to a limit of $417K.
Congrats on your credit score!
2007-09-20 09:57:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Like some people say lenders are looking for 700 and higher. 690 is still good,you can still get a competitive rate. Iwould suggest you to get it rescored which takes 3-4 business days by a professional loan officer. Then once you are above 700 you even get a better rate.$600,000 is no problem. You need 20% down. I would be more than happy to help you.I work with more than 220 lenders..Thank you
sdemirler@yahoo.com
2007-09-20 15:16:30 · answer #2 · answered by SD 2 · 0⤊ 0⤋
That is a fine score. The benchmark score for "A" Paper credit is 720, but anything abobe 680 is pretty much A- and thus can dictate a great interest rate.
I would suggest you shop around - run your loan scenario by a local mortgage broker, your bank, and then one other source (like ME) to see who you click with and who has the best interest rate.
Besides credit, the most important things are the amount of money you can put "down", and your income.
GOOD LUCK!
Melissa Curtis
Mortgage Broker
vhlending@yahoo.com
2007-09-20 18:42:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Better to call a mortgage broker who can assess your debt to income ratio down payment etc. The bank guidelines have changed drastically in the last couple of months and credit scores are more important than ever. There are loans out there for people with less than AAA credit but only a mortgage broker licensed to do business in your state can tell you for sure.
2007-09-20 09:57:38 · answer #4 · answered by livigninchrist! 2 · 1⤊ 0⤋
You should be an auto approval with those scores. And you can just go to bank web sites from the banks in your town and they should have a page showing the rates they have available on car loans, that will give you a basis on which to judge the dealers rates, may not hurt to get "pre-approved" ahead of time.
2016-05-19 04:49:21 · answer #5 · answered by ? 3 · 0⤊ 0⤋
In todays market 720 would be better as one of the hardest hit other than sub prime has been the jumbo, financing is harder to find, and the interest rate has climbed. Investor's have become skittish at taking chances, especially large one's. best if you also have 20% down, if not the likelihood of getting the mortgage is greatly diminished.
2007-09-20 09:51:33 · answer #6 · answered by Pengy 7 · 0⤊ 0⤋
Yes your score is find it is what that score really details witch is the important thing. 600,000 is alot of money You will have a huge morgage payment but as long as you have big income then you will be fine.
2007-09-20 09:47:35 · answer #7 · answered by xoxocrystalxoxo2003 2 · 0⤊ 0⤋
690 is great, they want to see 700. Watch that they dont try to pull the pmi insurance scam. GL
2007-09-20 09:51:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋
not too shabby, but 700 is the magic number, anything over that will get you the BEST rate
2007-09-20 09:49:41 · answer #9 · answered by Ember Halo 6 · 0⤊ 0⤋