Good builder with a great reputation in the Charlotte area.
You need to look at all available options to avoid mortgage insurance. These options include:1. A combination 80/10/10 structure.2. Single premium buyout.3. Lender paid mortgage insurance.4. Split premium option.In other words, someone who is well versed in mortgage insurance products and can provide a lay out all avoidance options for you to compare.Best Wishes!
is your property located in Kentucky for Charlotte North Carolina.
We are blessed to live in such a great area.
Welcome to North Carolina. Your scenario is not possible until your husband has two credit scores greater than 620.Please consider local options of.working with a mortgage professional that specializes in credit issues. This will get you into a new home faster than most anything else.
Adina- That was a great deal. Rates have increased since your post. Hopefully you have locked in and your future mortgage is being processed.
Assuming you owe 110% + more than the condo is worth....The current Fannie Mae guidelines I see allow for your refinance. The Freddie Mac guidelines currently don't. Hopefully you are with Fannie Mae or someone else in the zillow community can point you in the right direction for Freddie Mac. Keep in mind that you still have to meet credit and income requirements.
- If you have any collections or recent late pays(last 12 mos.) your goal should be two scores greater than 640.-More than likely your husband needs to complete one or more of the following generic actions to gain a 620 or greater credit score.1. Open a new secured credit card and maintain a $10 balance2. Pay down a credit card to a specified percentage.3. Bring a current late payment up to date.4. Pay and delete a collection.5. More options may exist. Specialized professional mortgage guidance, your patience(30-45 days) and a positive attitude will take you where you want to be.Best Wishes!
Fixed mortgage terms in 5 year increments from 10 through 30 should be made available for your review. Pay attention to the amortization tables between the different terms and your choice should become clear.At the end of the day it's really about your 5-10 year goals.Best Wishes!
Based off the current information provided as little as 10% down will be available if you have two credit scores greater than 740. The traditional 15 & 30 year fix along with 1,3,5,7 & 10 year adjustable rates are options for your consideration.The best decision will be made from comparing loan costs, interest rates, program features and amortization schedules in conjunction with your short, mid & long term goals. A good loan officer will provide this information in a consumer friendly format and advise you based off of the previous mentioned factors.Best Wishes!