I'm thinking about buying a place in the next year or so. My credit is about 580-600, in good standing with all accounts, just waiting for old stuff to fall off. I've got an income of about 31K, and my girlfriend makes 34K, and her credit history is very limited, but she has nothing negative on it. We're trying to get her some more credit in order to build a history. We're probably looking for something at bout 225K, with 25% down. What kind of rate might we qualify for?
2007-10-24 06:05:10 · 3 answers · asked by Andy 1 in Business & Finance ➔ Personal Finance
We're in Illinois, BTW.
2007-10-24 06:05:57 · update #1
You need to get that credit score up. You need at least 680 and preferably 720 to get a great rate. Your loan is standard (not jumbo), but is still on the high end of affordability on your income. You don't tell us how much other debt you have or payments you have because that will also impact your rate. Right now, I'd guess about a 7% rate, which would decrease as you pull your credit score up.
good luck!
2007-10-24 09:57:05 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Its hard to guess what the rates will be in a year from now. right now the rates are anywhere from 6%-6.5% but thats today and keep in mind that they can change daily. your situation sounds good the income and your credit sounds good. Good Luck with your home purcahse
2007-10-24 06:18:01 · answer #2 · answered by cortney B 2 · 0⤊ 0⤋
Go to some loan companie websites, they have those mortgage calculators, you just have to put some info. Or go to any lender and get a preapproval letter.
2007-10-24 06:23:36 · answer #3 · answered by Miss De Vill 4 · 0⤊ 0⤋