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Scott Somerville's Answers


Is a credit score of 595? where does it fall comparatively to americas average?
Most studies have shown average credit scores to be around 680. Your score at 595 is a little below the industry standard requirement for credit scores; however, you are close enough that a little work on your report could have you at an acceptable score in as little as 2 weeks. You will qualify for an FHA...
Is 7% interest on a 30 year fixed refinance good or bad?
7% is definitely above the current market rate; however, what is more important to focus on is maximizing your financial position through your mortgage. Please email me at ssomerville@primelending.com or call at (913) 749-5917 so we can put together a free mortgage analysis and structure the best...
Credit score of 630 (middle) do i have a chance at a good rate?
I can definitely help. We are more flexible in our score requirements than most lenders. Typically, lenders will require 640 credit score for an FHA mortgage; however we can approve these loans down to 620. Email me at ssomerville@primelending.com or call me at (913) 406-3993. We can start your...
Wat are the rates for 10 year fixed?
Rates for 10 Year Fixed mortgages are around 4.125% assuming a good credit rating. Based on your specific situation will allow me to tailor the best mortgage plan for you. It is often possible that a slightly higher rate with little or no closing costs makes more financial sense depending on your...
Is there an alternative to providing a mortgage lender with 2 years of W2 forms?
Typically we can request a duplicate copy of your W-2 transcripts directly from the IRS. If you are working with a lender that doesn't realize this then you should find someone more knowledgable. Your lender should not only help you find the best loan for your needs, but also work hard to make the...
how high does your credit score need to be in order to get a home loan
We are one of the few lenders that offer FHA loans down to 600 credit scores. Your credit score is only one part of the equation. It is highly recommended to submit a full credit application so your credit, income and assets can all be evaluated.

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