Fannie Mae has announced that they have gone to a new FICO based plan for all loans. The Higher your FICO Score the Lower your Rate. For example, on a $250,000 30 year, fixed rate mortgage the interest rate would be 5.75% if you FICO is 760 or  higher.  This would be a payment of $1,459. If your FICO is 680 to 759 then your rate would be 5.875% and you payment would be $1,479. If your FICO is 660 to 679 your rate would be 6.625% and your payment would be $1,601. If you FICO is 640 to 659 then your rate would be 7.125% and your payment would be $1,684. Finally if you FICO is 620 to 63 your rate would be 7.625% and your payment would be $1,769.

 The higher the FICO Score the larger the savings. A score of 760 or better saves you $310 per month or $3,720 per year. We are able to help you clean up your credit and improve your FICO Score in one week with our Rapid ReScore Program

Call Lynne Dewar at (800) 552-1188 for a free consultation.