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Answers (5)
Best Answer
- wayne lancaster, "funds2"
- Contributions:1175
Putting down 20% does avoid mortgage insurance and with a 15 yr term there is virtually no increase in rate with 650 credit score vs .25+ increase in rate on a 30 yr term. If you are planning on having a home built the rate would typically not be locked until you were 60 days or less from closing. There is a One Time Closing option if build job, and I would be happy to discuss details if you contact me through my profile.Current rates as mentioned are in the low 3's for a 30 day lock.
- Clay Branch, "Georgia Loans"
- Contributions:7835
ting, I think your loan will approve using a conforming loan but if the reason you have no debt is because your credit history is thin, you will have the back up option of FHA. Since you are using a 15 Year loan you can avoid the monthly MI charges on FHA by putting down 22%. You still have the 1% upfront MI fee on the 15 year but FHA loans pay more premium than conforming so if the conforming rate is 3% today, then the 3% FHA 15 Yr rate should pay aprx 1% credit back to you and that can be used to eliminate the UFMIP. You can also enhance your credit with alternate trade lines if only 1 or 2 accounts are reporting, use cell phone bill, rent, cable bill, etc. Best to start off using a lender that is HUD approved ( like Wayne ) in case you need the FHA loan.
- Don Groff, "Austin Texas Realtor"
- Contributions:355
You should not have a problem at all with those scores. I'm also a mortgage broker. With the down payment you are making the conventional hit to the rate will be minor.
Best of luck to you.
Best of luck to you.
- Tom Burris, "DallasLoanGuy"
- Contributions:46
I agree with Clay
Low 3s for a rate..... And those credit scores will not prevent you from getting an approval since you are putting down 20%
Low 3s for a rate..... And those credit scores will not prevent you from getting an approval since you are putting down 20%
- Clay Branch, "Georgia Loans"
- Contributions:7835
Just based on the figures you posted you should get an approval, rate will be around 3% - 3.25% unless rates start climbing.
Can we get a conventional loan mortgage with 667 and 650 FICO score?
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