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If you’re like most people looking to buy a home, you’re probably worried about what kind of rate you’ll get.
That’s because lenders hoard interest rates like water in the desert!
But we don’t do that here.
When it comes to getting an FHA loan, we know you want to have a ballpark idea of what rates to expect.
And the Wendy Thompson Lending Team will give it to you.
In fact, we’ll hand over sample rates based on your credit score on a silver platter!
Plus, when you shop for a home with the Wendy Thompson Lending Team, we’ll help you qualify for a great rate.
Here’s a glimpse into the FHA loan rates you can expect when house shopping with us.
First, we recommend you get started with a free, quick quote by state:
Best FHA Loan For Rates 765 to 774 Credit Score
Ask anyone, and they’ll tell you that a credit score above 750 is considered “excellent.”
If your score is between 765 and 774, you’re already on your way to qualifying for a low rate on your FHA loan.
But you might not be out of the woods – lenders look at more than your credit score.
Your debt-to-income (DTI) ratio is also important.
DTI measures the amount of money you have left in your pocket after paying all of your expenses. Generally, the more debt you have, the higher your DTI ratio is.
And that makes lenders nervous.
If your monthly expenses are no more than 40% of your take-home pay, you’re in the clear. If not, paying down some of your balances can help you qualify for an even better rate than you’d hoped for.
Here are some sample quotes:
sample FHA loan Rates by Credit score: 765 to 774
| Fico score | APR | Mo. Payment |
|---|---|---|
780 – 809 | 3.375% | $1,508.00 |
740 – 779 | 3.375% | $1,508.00 |
700 – 739 | 3.375 % | $1,508.00 |
660 – 699 | 3.5 % | $1,525.00 |
640 – 659 | 3.625 % | $1,542.00 |
*Updated 6/1/2021 – Rates are based on a $250,000 home with a 3.5% down payment, and includes principal, interest, taxes and insurance. Rates change often and differ based on your state, down payment, and loan amount. Click here for correct rates based on your situation.
Best FHA Loan For Rates 775 to 784 Credit Score
They say buying a home is one of the most stressful things you’ll do in life. But that simply isn’t true when you’re working with the Wendy Thompson Lending Team.
FHA loans are one of the easiest types of mortgages to qualify for.
With a 775, 780, or 784 credit score, you could breeze through the FHA loan application process.
And the best part?
An FHA loan comes with a super-low down payment.
You could get into your dream home with just 3.5% down.
On a $200,000 house, you may only need to save up $7,000 for a down payment.
sample FHA loan Rates by Credit score: 775 to 784
| Fico score | APR | Mo. Payment |
|---|---|---|
780 – 809 | 3.375% | $1,508.00 |
740 – 779 | 3.375% | $1,508.00 |
700 – 739 | 3.375 % | $1,508.00 |
660 – 699 | 3.5 % | $1,525.00 |
640 – 659 | 3.625 % | $1,542.00 |
*Updated 6/1/2021 – Rates are based on a $250,000 home with a 3.5% down payment, and includes principal, interest, taxes and insurance. Rates change often and differ based on your state, down payment, and loan amount. Click here for correct rates based on your situation.
Best FHA Loan For Rates 785 to 794 Credit Score
We’ve talked a lot about interest rates.
But what does that even mean?
Your interest rate, or Annual Percentage Rate (APR), is the amount you’ll pay in interest fees to the lender over the life of your loan.
The higher your credit score, the lower your rate can be.
And that’s a big deal.
An APR that’s just 0.50% higher can mean you’ll pay tens of thousands of dollars more for your mortgage.
Let’s look at those interest rates again…
sample FHA loan Rates by Credit score: 775 to 784
| Fico score | APR | Mo. Payment |
|---|---|---|
780 – 809 | 3.375% | $1,508.00 |
740 – 779 | 3.375% | $1,508.00 |
700 – 739 | 3.375 % | $1,508.00 |
660 – 699 | 3.5 % | $1,525.00 |
640 – 659 | 3.625 % | $1,542.00 |
*Updated 6/1/2021 – Rates are based on a $250,000 home with a 3.5% down payment, and includes principal, interest, taxes and insurance. Rates change often and differ based on your state, down payment, and loan amount. Click here for correct rates based on your situation.
This chart shows it is possible to get a pretty good rate on your home loan.
With a few adjustments, you might boost your credit score to qualify for an even better rate.
More on that in a minute.
Best FHA Loan Rates For 795 To 805 Credit Score
An FHA home loan can help you get into a house, even if you struggle to come up with a down payment.
Because let’s face it:
Not everyone has an extra $5,000 to $7,000 or more in the bank.
That’s where gift funds come in.
A gift can help you come up with the money for your down payment. The only catch is there must be no expectation of repayment.
If a family member, employer, or friend generously gifts you a lump of cash, the money can be used toward the down payment on the house you want to buy.
Before we wrap up, let’s take another look at some sample interest rates for FHA loans.
SAMPLE FHA LOAN RATES BY CREDIT SCORE: 795 TO 810
| Fico score | APR | Mo. Payment |
|---|---|---|
780 – 809 | 3.375% | $1,508.00 |
740 – 779 | 3.375% | $1,508.00 |
700 – 739 | 3.375 % | $1,508.00 |
660 – 699 | 3.5 % | $1,525.00 |
640 – 659 | 3.625 % | $1,542.00 |
*Updated6/1/2021 – Rates are based on a $250,000 home with a 3.5% down payment, and includes principal, interest, taxes and insurance. Rates change often and differ based on your state, down payment, and loan amount. Click here for correct rates based on your situation.
How To Increase Your Credit Score Quickly
With a credit score that’s 765, 770, 775, 780, 785, 790, 795, 800, 805, or 810, your credit is already considered “excellent.”
But it never hurts to bump up your credit score. Here’s how:
- – Ask to increase your credit limit to improve your credit utilization ratio
- – Check your credit report and dispute any errors you find
- – Don’t close unused cards even if they have a zero balance
- – Pay every bill on time, every time
We’ll do an in-depth assessment of your credit and tell you precisely what you need to do to increase your credit score.
Can a 765 Credit Score Mortgage Loan Secure Excellent Rates?
Yes, having a 765 credit score mortgage loan eligibility is often seen as high, showcasing excellent creditworthiness. Individuals boasting a 765 score generally find themselves in a favorable position for securing loans with great terms due to their excellent credit. Let’s break down what a 765 credit score mortgage loan means in different scenarios.
765 Credit Score Mortgage Loan: What Can You Expect?
Mortgage Eligibility with 765 Credit Score:
- Loan Eligibility: Enjoy access to a diverse range of credit offerings, from personal and auto loans to enticing credit card offers, not forgetting the 765 credit score mortgage loan.
- Interest Rates: Banks are eager to offer competitive interest rates to those showcasing excellent credit, placing a 765 credit score mortgage loan in a good position.
- Credit Approval: Your 765 score means a smoother sailing through loan approvals, given other loan qualifications are met.
- Credit Card Offers: A score of 765 opens up opportunities to lucrative credit card offers with pleasing rewards and benefits.
- Insurance Rates: Your 765 credit score can potentially net you favorable insurance premiums.
- Renting and Leasing: Leasing companies and landlords tend to favor individuals with a 765 credit score, facilitating easier renting and leasing processes.
To preserve and even enhance your score, make sure to adhere to sound financial habits, such as prompt bill payments and maintaining low credit card balances.
765 Credit Score Mortgage Loan: Decoding the Interest Rates
Securing a 765 credit score mortgage loan generally opens the door to competitive interest rates across a spectrum of loans and credit products, yet specific rates might differ. Here is a brief overview:
- Mortgage Rates: Expect near-lowest rates for a 30-year fixed-rate mortgage loan. Your excellent credit score is a substantial advantage here.
- Auto Loan Rates: Your 765 score positions you strongly to secure favorable auto loan terms.
- Personal Loan Rates: Leverage your 765 score to avail yourself of the best personal loan rates.
- Credit Card Interest Rates: While scouting for credit cards, your score of 765 can be a decisive factor in landing you cards with the most attractive rewards.
Remember to explore different offers diligently to secure the most beneficial loan terms, and keep a watchful eye on changing market conditions.
810 Credit Score: Is It Superior to a 765 Credit Score?
Yes, an 810 score represents a pinnacle in the credit score landscape, echoing exceptional credit management history. This score suggests:
- Excellent Loan Eligibility: You have the upper hand in securing a range of credit products, including the finest mortgage deals.
- Lowest Interest Rates: Achieve the lowest interest rates on loans and credit cards with an 810 score.
- Premium Credit Card Offers: Unlock premium credit card offers that bring along with them a realm of rewards and exclusive benefits.
Maintaining this high score requires sustained responsible financial behavior, including regular credit monitoring to ensure you stay at the top of your credit game.
Are You Ready To Start House Shopping?
When you have the power of the Wendy Thompson Lending Team behind you, you’ll have less stress when qualifying for an FHA loan.
Because we’ll give it to you straight.
If you’re ready to buy a home, don’t wait to call us. We’re one of the top-ranked lenders, and we want to help you find the perfect home to build your life.Unique only to the Wendy Thompson Lending Team is our:
Deciding on the right FHA lender is the most important decision you will make. Choosing the wrong lender can result in you losing your dream home or costing you hundreds of thousands of dollars in more interest over the life of your mortgage.
Don’t make that mistake, contact the Wendy Thompson Lending Team today!
You can start the process by clicking the yellow ‘See if I’m Eligible’ button on the right side bar under the ‘Start your quote for a Home Loan’ or call Wendy’s Team directly at (901) 250-2294, to get started on living the American Dream in the home of your Dreams!
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