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Basic "In Theory" Questions

The recommended FICO in order to purchase a home would be.....X?
The recommended amount of downpayment on hand would be.....X?
The recommended amount of monies to have on hand for closing costs should be....X?

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September 28 2010 - Town of Colonie
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Profile picture for Pasadenan
I would have said 760+ on the FICO qualification for "best rate" as that is the top tier for Zillow Mortgage Market Place.

20% is usually sufficient for down payment for good terms and no mortgage insurance, but not if will be investment property.  May need 25% down, or even 30% down.  And obviously, the more down, the less the payments and the sooner it will be paid off.

But for "closing costs" that weren't addressed, for budgeting purposes I would figure 3%, but could be a lot less if no loan or some of the costs rolled into the loan.  And could be a lot more in some areas, especially for lower valued properties.  You may need to figure 10% or higher.

You might want to browse the quotes given and read the closing costs estimated there... 
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September 28 2010
Profile picture for the_country_hick
The recommended FICO score would be none

The recommended down payment is (ALL OF THE PRICE)

The recommended amount of monies on hand for closing costs are (ALL OF THEM)

That will save you a lot of hassles that come with getting a loan. Otherwise, 20% down and around a 740 fico score works.
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September 28 2010
Q:recommended FICO in order to purchase a home would be?
A: 740 or higher for the best rates

Q:The recommended amount of downpayment on hand would be.....X?
A: ideally 20% down ( in order to avoid mortgage insurance...but loans possible with as little as 5% or purchase price

Q:The recommended amount of monies to have on hand for closing costs should be....X?
A: this will vary from state to state

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September 28 2010
They should do away with FICO scores and underwrite files based on the borrowers ability to repay.

I believe 100% loans can perform. But when you have 100% loans in a soured economy with falling property values and unemployment near 10%... well then you are asking for trouble.

Skin in the game I suppose is what you are asking. Again, I believe 100% deals with no out of pocket money from the borrower can perform if underwritten based on the borrowers credit history and ability to repay. 

great questions... not sure there is a true right or wrong. I am certain many will not agree with my answers...
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September 28 2010
Profile picture for BigMoose81
This is what I have heard and what I went by when I purchased my home but I am not real estate expert or anything like that so take it as my opinion:

- 720 FICO score or better
- 20% downpayment
 - As far as closing costs its really tough to tell cause of points to pay, time of year since it determines the amount of property taxes you need, etc., but I would say 10 to 15K would be ideal to be on the safe side.

Hope this is the kind of info you were looking for.
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September 28 2010
 
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September 28 2010 | 5 answers
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