The Mortgage Planners specialize in working with clients with a wide range of credit scores (FICO scores), but if you are looking for a Purchase Loan in San Diego with a 720 to 739 Credit Score, you are in a position to get a great interest rate and have access to most programs available! As a San Diego Mortgage Broker and Banker we are able to offer some of the most competitive rates, fees, and programs to those who are looking to purchase with a 720 to 739 credit score. Please let me know if you would like a quote for your purchase loan.
San Diego Purchase Loan with a 720 – 739 Credit Score – Loan Programs
When looking to purchase a San Diego home or condo with a 720 to 739 credit score you have many options available. With a credit score of 720 – 739 you will have the option to get a conventional loan or a government loan, like FHA or VA that offers higher loan to values (LTV). A credit score of 720 – 739 would allow you to obtain a conventional loan with Mortgage Insurance (MI) up to a 97% LTV in California. In addition, with a 720 to 739 credit score you could purchase using a conforming loan in San Diego or a Jumbo loan. Of course, even clients with a 720 – 739 credit score still need to qualify for the purchase loan based on income and other factors as well.
San Diego Purchase Loan with a 720 – 739 Credit Score – Sample Interest Rates
Credit scores play a more important role than ever in determining the interest rate you will qualify for on your purchase loan. Fannie Mae and Freddie Mac have established a credit tiering system that sets out pricing adjustments for interest rates depending on your credit score. A client who has a 720 – 739 credit score is going to qualify for the second tier of interest rate adjustments for their San Diego purchase. As your score decreases in increments of 20 points, the available rate or cost to get that rate will increase. For example, someone with a 730 credit score would have to pay an additional .25 point to get the same rate as someone with a 750 credit score for their purchase. Below are a few sample interest rate quotes for a San Diego Purchase Loan with a 720 Credit Score.
Conventional 30 year fixed 80% LTV – 4.500%, APR 4.571%
FHA 30 year fixed 96.5% LTV – 4.25%, APR 4.475%
Jumbo Loan 30 year fixed 80% LTV – 5.500%, APR 5.658%
Rates as of 7/11/2011
Credit scores of 725, 730, or 735 are still going to get the same interest rate as the credit score of 720 because it is in the credit score range of 720 to 739.