Take higher interest rate now or wait

akakirby · Joined: 22 Aug 2006 Posts: 1

Ok, so my fiance and i are looking to buy a house, credit is not the best, her score is 620 and mine is 572 i will be the co, we have been pre aproved for 100% financing but the interest rate is at 9% now i am think that is way to high, is this a normal rate for someone in our situation? The state we are buying in is virginia. Also, we are interested in a manufactured (mobile) home or modular which either would be on a permanent foundation but they are not willing to finance it. I have read and been told most mortage company will finance this. Is that true? Any help or advice would be great

thanks in advance
akakirby

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

Your rate is high because of your credit score and 100% financing. I would call a few different mortgage companies once you know what kind of home you will be purchasing.