I am trying to buy a house.My credit score is 648, what will my mortgage...

[ejspnut]

...be like and is this a good rate? I am also buying the house from a blood relative (aunt), does anyone know what gifting equity means?? My mortgage broker stated that my aunt can gift me the equity in her home in order to ensure my down payment and mortgage will not be high. My aunt will sell me the home for 350k but it is worth 450k.

[Jeromy W]

definately shop around, the 648 score isn't bad, but it's not great either, see what your broker thinks about putting you through FHA. The amount down wouldn't be as high. if your a first time home buyer, also check your state, county and city for first time home buyer programs. good luck