Mortgage Broker Question: What might my rate be if...?

[SmiLeanne]

If I had absolutely horrible credit, I wanted a $100,000 30 yr fixed loan and I had $70,000 to put down? I realize there's lots of factors, but a ballpark guess within say 3% would be good. Please list your source or qualifications. Thanks!I mean a $30,000 loan on a $100,000 purchase.

[kristen w]

I would think that your ate would not be any more then about 11%. I am a mortgage broker in FL. Let me know if you want to proceed with that transaction. Then again if you have that much money to put down, maybe pay off some of your derogatory credit and go FHA at about 7.25@ fixed.

[Patrick G]

Clean up the credit and use FHA. That would put you in the mid 7's otherwise it will be between 9 and 11%. Cleaning up credit isn't that hard. DO the math. 100,000 at 11% is around $1,000 a month. 7.5% on 120,000 is around $750 a month. I even let you spend the extra $20,000 to clean up the credit and your payment is still lower.I have been a mortgage broker for over 25 years.

[Hello E]

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