Question : What is the interest rate for first time homebuyers with horrific credit?
I'm looking at a 45 k condo but can figure my payment until I know an interest rate. My credit is horrible. Any ideas?
- asked by jacquefromtexas
All Answers:
Answer #1
The current overnight repo rate set by the Fed is4.5%, expect it to be much more than that.
- answered by eddybb1233
Answer #2
you will need to contact a lender to determinewhat the exact interest rate will be. I have notgreat credit and mine was going to be somethinglike 9.125%. Also, a lot of lenders will workwith you and you can try to find the best offerwith the lowest interest rate.Good Luck
- answered by Jewels J
Answer #3
Are you able to go to www.teammandich.com?Whatstate are you in?What are your goals for the nextfive years?Those are some of the questions we needto know so we can pick the right product so thatwe can accurately forecast the closing costs foryou.Any reputable firm should be able to make aliving without charging you points. That beingsaid, the rest lies in your hands in regards towhat your credit score is.We would be happy totalk to you on this matter at 877-659-5626. Myname is Laura and I'd be happy to be of service.
- answered by teammandich
Answer #4
You should probably run your estimates with 10%just to be safe. Keep in mind, short-terminterest rates have been climbing. You shouldlook at a 30yr fixed rate mortgage.
- answered by Rich
Answer #5
Try an FHA loan
- answered by liza
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