What interest rate can I expect on a 80/20 mortgage loan?

Me %26amp; my husband are trying to purchase our first home. We should be pre-approved in the next few days. My middle credit score %26amp; my husbands are each 580, we make $75K combined. We are looking to purchase a home for approx $140K...any ideas on what rates we should expect? Thanks!

What interest rate can I expect on a 80/20 mortgage loan?

Probably in the low 7's

What interest rate can I expect on a 80/20 mortgage loan?

For 100% one loan honestly your looking at around 10% with a 580 fico score. On an 80/20 you can expect about 7.9% on the first and 11.5% on the 2nd. if your lucky. Why dont you do a first time buyer program?

What interest rate can I expect on a 80/20 mortgage loan?

You are going to get killed on your rate with a credit score of under 600. I would consider renting until you and your husband could get your credit score in the 710+ range. I don't know what rate you'd get, but it's probably going to be well over 7%.

You can probably find a better answer here:

http://finance.yahoo.com/loan/mortgage/c...

What interest rate can I expect on a 80/20 mortgage loan?

Low 7's....I don't think so. You have a %26quot;poor%26quot; credit score, I'm assuming full income doc, and zero down.

You're probably looking at the mid 8's on the first and double digits on the second.

If it's full-doc and you can document your income and you don't have current collection accounts or judgments, try for FHA or the My Community loan, though you might make too much money for the My Community one. These offer rates in the high 6's to low 7's.

What interest rate can I expect on a 80/20 mortgage loan?

I can get you a 100% 30yr Fixed Rate @ 9.9% or a 2yr Arm @ 8.9% give you time to work on your credit!

Sneldon Berry

S_Berry_Jr@yahoo.com