Mortgage Blog

Q: I have 300k loan with LTV 75%. But my credit score is
only 640. What's the best rate I can have?

A: Your main problem is your credit score. Compared to
the credit score of 720 or above, Fannie Mae Charges 2.25
points, which will make the no closing cost loan impossible
for you and your rate will be around 0.5% to 0.75% higher
than 720 credit score plus closing cost.

My suggestion is: fix the credit score. I noticed that you
have a HELOC.And you just paid it off. Your credit score
will be better in about one month. Let's check the credit
score in about 2 months. You should be able to get much
better rates.