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fha interest rate with 600 credit score

  • December 30 2010 - US
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Answers (7)

Two things I really despise on Zillow:

1.  Digging up old threads that are over a year old.
2.  Not following Zillow Rules: No spam or self-promotion.
  • March 14 2012
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  • March 14 2012
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There's a few lenders that will go as low as a 580 FICO. Rates will be a little higher than the current rates for a  640 score. Finding, the lender will be the hard part. If you are in California, I can probably help you.

Happy funding, Rudi
  • January 02 2011
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  • January 02 2011
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Not many Lenders offering FHA loans under 640 (my Lender will go as low as 600), which I see a Price adjustment of 1.5% (or points), so it could be worth about .25% in the interest rate difference.  The price adjustment disappears after 620+.  Again, your biggest concern will be to find a Lender whom will finance with that fico score in your area; otherwise, you'll want to work on improving your score.  Best of luck.
  • December 30 2010
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There are very few lenders that will do below a 640 credit score these days. The ones that do, are very costly and would it be a good loan.
To move your score from 600 to 640 might be very little work to get it down. Check with a good lender in your state. You will find in the long run this is the best path!
Good Look.
  • December 30 2010
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You will soon have a small, overpriced broker reply to this thread and say that he still has a few lenders that will do 580 with 10% down.

It's usually not a good loan, not a good rate and they'll charge points.

Spend 10 minutes on myfico.com or with a trusted lender.  From 600 to 640 can sometimes be really simple.  Like as simple as paying one credit card down a smidge or other simple credit optimization techniques.  At minimum, it's worth checking.

You'll get the 3.5% down, best rates, and you won't typically be stuck paying points. 

My $0.02,
  • December 30 2010
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