mortgage rates: Credit Scores and Mortgages
- 08/26/09 05:11 AM
Things a Home Buyer Should Know About Credit Scores by Brandon Cornett Go online and start researching the topic of credit scores, and you will quickly be overwhelmed with information and analysis. But in truth, there are only a few important concepts that you, as a first-time home buyer, should know about credit scores. Here are five of the most important things to keep in mind when you start shopping for a mortgage loan - an even long before that. 1. Mortgage lenders will check your score. When you apply for a home loan, you can be certain that the mortgage … (0 comments)
mortgage rates: Bank Owned Properties
- 02/05/09 01:05 AM
IN THIS MARKET THE BEST WAY TO HANDLE BANK OWNED PROPERTIES AS A BUYER IS TO PROVE TO THEM THAT YOU ARE READY WILLING AND ABLE TO CLOSE-AND CLOSE WITHIN 30-45 DAYS. THE BEST WEAPON TO HAVE IN YOUR ARSENAL IS A PRE-APPROVAL FROM A DIRECT LENDER ASKING ONLY FOR A SALES CONTRACT, APPRAISAL, AND CLEAR TITLE IN ORDER TO FUND THE LOAN. I CAN PUT YOU IN TOUCH WITH A TRUE MORTGAGE PROFESSIONAL THAT CAN ALLOW YOU TO BE A SIMILAR TO A CASH BUYER. JUST CALL OR EMAIL TODAY! … (0 comments)
mortgage rates: Minimum requirements to buy utilizing an FHA mortgage
- 01/13/09 05:23 AM
The most important thing to know as a buyer today is that as of January 1, 2009, the absolute minimum down payment amount is 3.5%. The good news is that some or all of this money can be gift funds. One of the benefits of an FHA mortgage is that they have the highest allowable seller contributions to closing costs and/or prepaid items, up to 6% of the purchase price. The property must be in a "habitabal" condition. At a minimum there must be at least 2 years of life left on the roof and the property must be termite free. … (0 comments)
Based on rates today on a purchase or no cashout refinance of a primary residence, paying no points, on loan amounts $125,000 or greater and $417,000 or less, at least 20% equity, credit scores above 680, showing income (if stating income we will need a 730 or greater credit score), with escrows, on a 30 year fixed rate, we are at 6.25%. On a 70% loan to value you would be looking at 6.25% on a cashout refinance and at 80% it would be 6.375%.
Things a Home Buyer Should Know About Credit Scores
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