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current interest rates?

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I have been trying to use some of these mortgage calculators and the default interest rates are around 8%…what is a reasonable interest rate for first time homebuyers with not great credit but a good income to debt ratio? And how much does credit score effect your interest rates

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    pretzel2222
    Posted 3 months ago

    If your credit is not great you will have a VERY difficult time buying a house right now, unless you have a lot of $$$ to put down.

    The economy is in or near a recession from all the bankers loaning money out to people with bad credit, who have now all defaulted.

      Nathan
      Posted 3 months ago

      Here are the going rates for mortgages, this is if you have very good credit

      http://bankrate.com/brm/rate/mtg_home.asp

      Here is an article that demonstrates how much interest rates change for given FICO scores, although this uses data from a year ago.

      http://www.bankrate.com/brm/news/Financial_Literacy/March07_credit_score_mortgage_a1.asp

      Ultimately it’s up to each individual bank and how much risk they are willing to take. Right now, they don’t want much/any risk so 8% might be the best you could get.

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