What interest rate for a mortgage can i expect with a credit score around 580?

Question

I have a middle credit score of 580, pre-approved through an FHA backed lender. just wondering what interest rate I should expect

Answer 1

580 is not a beautiful number to mortgage lenders. So I guess you'll have to expect a high interest rate. An experienced mortgage broker might be helpful in this case cuz he/she can help you shop around and negotiate for the best possible deal.

Answer 2

You will be lucky to even get a mortgage in this market. Haven't you heard of the credit crisis that's driving our economy in to recession?

Banks are getting stricter about who they lend money to now.

Answer 3

Sorry to say, that's a really poor score and you will end up paying "Sub-Prime rate" which is usually a high interest rate.

http://www.badcreditfixup.com/credit-sco...