That is the new target score. Even though a 580 score may still barely qualify, over 680 is where the most favorable rates and terms are.Here is why:Conforming rates and/or fees have added on for scores under 680. These fees range from ¾ of a point to over 2% if the loan-to-value is over 70% of the purchase price. What does that mean? Well it means that buyers could pay as much as over $6,000.00 more in upfront fees on a 300,000 mortgage than a borrower with a credit score over 680. Think that could break a deal? Not to mention that the lower the score goes, the higher the rates get. So not only are they going to pay more upfront, they will also pay more per month. The difference between a 620 score and a 720 can be the difference between a $300,000 and a $335,000 home for the same payment.Also FHA has just initiated “Risk based” pricing as well. The upfront FHA fee will be substantially more for lower credit scores (under 680) and so will the monthly MI premiums. Once again, when the amount of money upfront necessary to fund the loan increases and the monthly… Read full this story
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