660 credit score

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Post Posted: Thu Jul 12, 2012 11:13 am    Post subject: 660 credit score
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Me and my spouse have a credit score of 660 and we pay everything on time. Not sure why it is not higher. What kind of interest rate do you think we can get for a home 85,000.00?
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Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Post Posted: Thu Jul 12, 2012 8:21 pm    Post subject:
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Hi Guest,

With a 660 credit score, you will be able to qualify for a FHA loan. The interest rates of FHA loans are lower compared to that of conventional loans. If you don't have any negative items mentioned in your credit report, then you will be able to qualify for quite a lower rate.

Thanks
Icon Mini Profile actonwilliams98
acton.williams98




Joined: 11 Jul 2012

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Post Posted: Fri Jul 13, 2012 4:45 am    Post subject:
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With credit score 660 you are eligible for home mortgage loan. Smile

FHA one of the best options for low interest rates but if you want to go for conventional one then still you qualified but you will be most benefited if can achieve credit score of at least 700.

As there are some lenders who reward you for 725 credit score, by lowering interest rate by about 1/4th of a percent. Even if your score lies in between 700 to 724, it will be surely lowered by 1/8th of a percent. Smile

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