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Good evening, Laurie.
There is a good summary of qualifications at our Truila Blog. h t t p:/ /goo. gl/ aztUE If you meet this criterion, you should be able to get a loan. There are also many options for down payment and closing cost assistance for first time home buyers who have not owned their own home in the last 3 years.
A 671 score is good enough for a USDA or FHA loan but it does depend on the makeup of the credit report such as how many accounts are reporting with good pay history for the last 12 months. If there are not enough, you can often show proof of rent, utilities, insurances, etc that have been paid on time for the last 12 months to supplement credit. We use these techniques often with first time buyers with limited credit. Certainly check with a mortgage lender and find out.
Make sure that you contact a mortgage lender with a good reputation to evaluate your credit and income ratios so you will know up front if you qualify or what you need to do so you qualify. A preapproved and knowledgeable buyer is a good thing to be.
You should be able to buy a home. Buying a car will keep you from purchasing a more expensive home since it will come into play with your debt to income ratios. You should be able to purchase.
Yes. Now here's the next question; What type of financing is best for you?
Brush up on these mortgage basics to help you determine the loan that will best suit your needs.
Mortgage terms. Mortgages are generally available at 15, 20, or 30 year terms. In general, the longer the term, the lower the monthly payment. However, you pay more interest overall if you borrow for a longer term.
Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate as long as you hold the mortgage and, in general, is usually a good choice if interest rates are low. An adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase. ARMs usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. These types of mortgages are a good choice when fixed interest rates are high or when you expect your income to grow significantly in the coming years.
Balloon mortgages. These mortgages offer very low interest rates for a short period of time — often three to seven years. Payments usually cover only the interest so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.
Government-backed loans. These loans are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs and offer special terms, including lower down payments or reduced interest rates to qualified buyers.
to best help you make this determination, you should consult a mortgage professional. If you need a referral, just let us know.
-Richard and Janine Kirchnavy
Most definitley, a 671 is a great credit score. You can get a very good interest rate.
You certainly can get a good interest rate with your score. Contact me directly and I'll have my lender do a free pre-qualification for you and it only takes about 15 minutes over the phone.
I also work for buyers at no extra cost and would love to help you negotiate the price of the home as much as possible :)
john.siddons @ prucarolinas . com
704 - 458 - 1843
www . searchcharlotte . com
www . johnsiddons . com
FHA just lowered their low score to 609. 630 for USDA loans. Either loan program would be a good one. Send me an e-mail, if I can help further.
With a credit score above 640, FHA is the best option. Call me to discuss
With a credit score around the 670 mark you should qualify for an interest rate around 4% fixed for 30 years FHA. if you would like some recommendations on lenders give me a call or drop me an e-mail.
You can get an FHA loan with that score
Sorry about my first answer as it went to another question, it seems you have a great rate on your car but it may hurt your buying power. Please contact Trina Hays with Prospect mortgage 704-458-7242as she will be able to give yousome insight on how much you can qualify for at this point.
I would love to speak with you as I am hoping the new car purchase will not cause a debt to income issue. Please feel free to contact me directly.
yes,clients closed on Friday with a rate of 3.75 fixed and it was an FHA loan
I'll start with a question: have you been working with a mortgage person to improve your credit picture and prepare for getting a mortgage? That is the best person to answer your question. If you've just been working on it on your own - congratulations. Someone providing guidance might move you along even faster.
There is more to financing than interest rates. If you don't have a person you've been working with, I'd like to suggest that you call Crystal Harben at DHI Mortgage: 704-363-7521. Not only will she be able to answer your specific mortgage questions, but her office provides a service to assist with credit repair.
Prudential Carolinas Realty