What does my FICO score mean? Will I be able to qualify for a home loan?
I just checked my credit score. According to Equifax, my FICO score is 678.
I’m a little confused about what that means, though. On the main page of the Equilfax report, when it displayed on my monitor, it said my score fell in the "Good" range (but not "Very Good" or "Great"). A "Good" score was considered between 660 and 724. However, when I printed the Equifax report, it suddenly said underneath the credit score that it was "Poor." Other informational websites I have checked classify a 678 FICO score as "Fair" or "Okay."
Considering my credit score and the economy and such, do you think I’ll be able to qualify for a home loan in California? More information the lenders might look at:
– My husband’s credit score is slightly higher than mine.
– We have ,000 saved for a down payment.
– We have no debt of any kind. Credit cards are paid off each month.
– We’re both steadily employed and together make about ,000 per year.
Also, any recommendations on who we should talk to for home loans in California? Any banks or other lenders that give good rates?
Thanks!
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September 2nd, 2010 at 9:21 pm
You can find a mortgage but where someone with an 800 pays 5% you may be charged 8%. start with your current bank where your checking account. Tying mortgage payments into your checking account can save you an extra point.
You do realize you will never make the 11/30 deadline for first time home buyer 8k tax credit.
September 2nd, 2010 at 9:21 pm
Best home loans are easy to get if you know where to look. Home loans with low interest rates can make a sizeable difference in your savings, both on a long term and short term basis. However in order to get the best interest rate on your new home loan, you need to follow some tips.
http://www.worldbestloans.com/homeloans.htm
A sure-fire way to finding some of the best home loans rate is by comparing between 3-4 different lenders prior to deciding who to opt for. While most lenders have a wide range of interest rates and schemes, those who offer flexibility in terms and conditions or can customize to your preferences can work the best for you.