Acceptable mortgage rate?

What would an acceptable mortgage rate be for a couple with FICOs of 620 and 680? High income and low debt. 100% finance, O down, 30 year fixed. Dallas, TX area. Thanks in advance. I have been quoted 11.25%!!!!

That's way too much ... apply for a FHA loan. you will get approved for a very low rate of 5% at the least and there is also downpayment assistance too, that will cover your downpayment cost. You can message me on messenger, and I will give you the details!

11.25?? Oh HELL NO!! With your FICO score you should be no higher than 6%. IF THAT!

Mine was 670, same scenario as you and I got in at 5.25%. Of course, this was 4 years ago but still, it's a buyers market....keep shopping around.

I actually work in the mortgage industry, focusing on the state of Texas. 620 and 680 are considered to be fair credit (a little less than good, but not poor). On a 30 year fixed with 100% financed you should be able to find a rate around 8.00% for a first mortgage. If you're looking at a second mortgage (equity loan) you'll pay around 10% right now.

Shop around. That rate is TOO HIGH considering your credit scores. In most cases your mid-credit score is used to determine the rate. There are a few out there that use your high score, but they are not as common.

I use to be a Mortgage Loan Originator in Ohio. Ask your Loan Officer how many points they're getting on the deal. Each point costs you $$$. Loan officers get paid on the front end AND THE BACK END OF THE LOAN.

My husband just got an interest rate of 7.85% on our new house. His mid score is 582. Shop around, it won't hurt.

Good Luck!