what kind of mortgage interest rate should I expect with medium risk credit (experian score =632), 30yr fixed?

I live in Toledo, Ohio and am a first time homebuyer and anticipate a 30 year fixed mortgage.

1) That is one credit report. You will need all three reports. They will take the average of all three reports. the one you have listed may be the lowest of the three.

2) You are going to have a tough time getting a fixed mortgage with bad credit. You will need a sizable down payment. Ask your real estate broker for a referral, and get a trustworthy mortgage professional to run the numbers for you.

3) Need more information.... What type of loan are you applying for? How much are you putting down? What are your debt to income ratios? How many points are you paying? Is it a Primary Residence? What type of property? Is it a purchase or REFI? Where is the Property? Are you setting up an Escrow Account? All of these questions must be answered to give accurate quote. However, currently a 30 yr fixed rate with no points , with an escrow, on a purchase for 10% down & PMI, for Single Family Residence, in Michigan, you could expect 6.25% on a 30 Day rate lock.

4) You should be able to qualify for an FHA loan with interest rates in the low 6's. That is, as long as your income is enough to qualify.

5) You could qualify for a FHA fixed at 5.875%. www.myifconline.com



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