i have bad credit, and i want to get a mortgage what can i expect my interest rate to be?

Posted on Mar 6, 2013 in FHA Information

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Question by stiqznstonz: i have bad credit, look and i want to get a mortgage what can i expect my interest rate to be?
i live in NY if that makes a difference

Best answer:

Answer by KN
If you have bad credit, you will not get a mortgage.

Give your answer to this question below!

5avg.rating 17 votes.

3 Comments

  1. Somewhere between 5% and infinite. If your credit is bad enough, you just won’t get the mortgage.

  2. Lenders will not approve you with a credit score of under 620.

  3. Sorry pall you will never get a mortgage in this market unless they are gouging your eyes out, settle for over 10%.

    Try to fix your credit before you even think of buying and have a great deposit before you even approach any bank.

    I have heard horror stories about people who have had good credit in the past and had a few of cards closed on them, those that have not been closed the rates are up to 27.99% and they cant even get a decent rate on a mortgage because the bank thinks they are a bad risk, and these people pay their bills on time every month, never been late or over the limit but the banks are having a field day especially Bank of America.

    Be very aware at what rate you are buying at. If I were you I would hold on to any money the housing market is not going any where any time soon and I would buy through Fannie Mae.

    Good luck