Zillow Advice: Mortgage Rates - My hubby + I have 720 and 660 credit score... no credit card debt, and quoted &gt; 5% fixed FHA, CA,Y? http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ Zillow Advice | Zillow Real Estate When you're in a co-borrower ... http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ When you're in a co-borrower situation the lowest of the 2 middle credit scores will be used. &nbsp;Which is why you're getting hit with a rate above 5%.<br/><br/>You have several options when it comes to financing your new home. &nbsp;<br/><br/>First always shop lenders for the best deal, interest rate, costs etc. &nbsp;I personally encourage people to shop 3 lenders and compare Good Faith Estimates. &nbsp;Remember a lot of low cost or no cost lenders are simply obtaining their cost of doing business by placing you in a higher rate loan.<br/><br/>Second if you don't need your income to qualify for the loan, have your husband apply for the loan on his own, then after the close of escrow you have your name added to the deed.<br/><br/>If you have any further questions don't hesitate to ask or send me an e-mail with all your questions. Sat, 15 May 2010 21:21:00 GMT http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ 2010-05-15T21:21:00Z Hey Frank,Nice to see you ... http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ Hey Frank,<br/><br/>Nice to see you on the boards! .... Nice profile.&nbsp; .... Best wishes &amp; Happy funding, Rudi Sat, 15 May 2010 21:16:00 GMT http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ 2010-05-15T21:16:00Z What! You live in Newport ... http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ What! You live in Newport Coast and you are seeking an FHA loan. You either&nbsp; have a Hugh down payment if you are buying or tons of equity if you are refinancing.<br/><br/>If the primary income earner has the 720 the 600 will not count against you with several portfolio lenders. If you are financing just up to $729k, even if&nbsp; the primary has&nbsp;the 660,&nbsp;a traditional mortgage is best.<br/><br/>I've done several loans in Newport Coast. None had a value less than $1.6M. I know the area well. Is there anything&nbsp;you forgot to mention?&nbsp;.... Happy funding, Rudi Sat, 15 May 2010 21:07:00 GMT http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ 2010-05-15T21:07:00Z Hello,Today, our 30 year ... http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ Hello,<br/>Today, our 30 year fixed FHA rate was at 4.75% with a one percent origination fee.&nbsp; We are a&nbsp;Direct Endorsement Mortgage Banker, with corporate headquarters in Irvine, CA.&nbsp; We provide excellent pricing along with a technology driven, paperless loan processing system.&nbsp; We fund your FHA loan inhouse.<br/><br/>Hope this helps,<br/><br/>Frank<br/>[content removed by moderator] Sat, 15 May 2010 04:19:00 GMT http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ 2010-05-15T04:19:00Z 1. YES, you can go to another ... http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ <p>1. YES, you can go to another lender. You DO NOT have to use your realtor's company or any suggested loan company or bank. YOU CAN CHOOSE ANY BANK YOU WANT.<br/><br/>2. If your husband makes enough money to qualify on his own, he can get the loan in ONLY HIS NAME, using ONLY HIS CREDIT, and ONLY HIS INCOME. And, then Your Name&nbsp;AND His Name can still be on the deed to own the house together. So, he gets the loan, but you both own the house.<br/><br/>If you need both your and his income to qualify, then you have to go by the LOWEST score, which you say is 660.</p><br/><p>3. Ask about "Buying down the rate". You can pre-pay to get a lower interest rate. Or find another bank.</p> Sat, 15 May 2010 04:04:00 GMT http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ 2010-05-15T04:04:00Z Because we take the lowest ... http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ Because we take the lowest of the credit score, in your case it is 660, that is why you have hit in rate because of below 720 fico.<br/><br/>As a borrower you can go wherever you desire to choose your lender to close your loan<br/><br/>Hope this answer your question. Sat, 15 May 2010 01:36:00 GMT http://www.zillow.com/advice-thread/My-hubby-I-have-720-and-660-credit-score-no-credit-card-debt-and-quoted-gt-5-fixed-FHA-CA-Y/349941/ 2010-05-15T01:36:00Z