Thread: we wa

credit? our credit is bout 550. the house we want is about 80,000. does any one know what is the highest interest the bank can charge us

It will be REALLY hard for you to get a loan with that credit score. Set a goal for yourself to raise your credit score to 650. You can do this by paying on time ALL the time for the next year.

Maximum interest rates vary by state, but 10 percent over the treasury note rate is a federal standard max. I doubt you'll see anything that high - they will just decline your loan first. Your credit score is killing your chances at a loan approval. Find out why it's so low, then see what you can do about fixing those problems. Get your credit house in order first.

You will need a co-signer with very good credit

The question is IF you can find a lender willing to lend to you. Subprime loans are now almost nonexistent and a 550 FICO is definitely subprime territory.

Based on that credit score. I would suggest you get money ready for a down payment and do not look for 100% refinancing. Make sure you can document all your income. 2 year w-2's and recent paystubs.

I would expect you are looking at about 7-8% worse case.

....I wish I could find a house for only 80k!!!!