is 620 fico the lowest possible for a good rate?

Hello Roya,Are you looking to purchase a new home or refinacne an existing loan? If your question is for a new purchase, yes you can definatly get a good rate and even if your fico score is less than 620, there are still couple of programs avabilable for you. if you are looking to refinacne then we have to look at the over all situation to determine if there is a benefit for you to do this refinacne. if you need any additional information please feel free to call Houtan Hormozian (310) 933-4748 or email Houtan.Hormozian@Crestico.com Thank you.

Hey Roya.. it's really not that simple... there are lenders who go down to 500 credit scores, however the rates don't really change incrementally. If you're talking about FHA financing.. There is very little difference in the finance rate between 580 scores to 740 scores. Say less than .5%, however, if you're talking about Conventional financing, the difference is greater, but you have to have much better scores to even be considered... if you're interested if you can get financing, then contact a local mortgage broker, not a bank and apply with them.. They can look at your complete profile and find the right lender to match your particular scenario... WilliamAcres.com

Hi, there are great rates out there with scores even below 600, there are LLPA (loan level Pricing adjustments) but even if you were maxed out on these adjustments you could still qualify for a rate in low 4's...maybe not in the 3's on 30 year fixed...Also not really enough information to access fully, if you need more help email me, I would be glad to answer your questions and concerns...Ralph@absolutelowrates.com

If you are looking for an FHA loan, the price differential between great score and a poor score is nominal. The real question becomes, why is the score low? Work with a local Mortgage Banker/Broker, rather than one of the big banks. They will work with you to help you fix whatever items are hurting your score. Some of these items may also make getting an approval difficult or impossible. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

You can get a good rate as low as a 500 credit score. The higher the score the better the rate will be.

Roya, Many factors are involved in the rate for a particular loan. Yes, you possible can still get a loan with a 620 credit score. A loan professional will work with you to determine the best options for your particular situation. For instance, are you purchasing or refinancing? What is the loan to value (value compared to loan amount)? What program are you looking for and what is your debt-to-income ratio? Feel free to contact me at info@accdirectmortgage.com to discuss your individual situation in more detail. Thank you!

Having below a 620 greatly hinders what types of loans are available for you. I would contact a mortgage professional who knows about credit repair and see if it is possible to work on your score and get it up. Typically if you are in the 620-640 range or higher you have a greater assortment of loan programs to help you in your search for financing. Rates won't change that much, but the programs costs, monthly PMI charges, etc will be limited with your credit. Hope this helps!