The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Getting Pre-Qualified is the only way for you to find out your options.
To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
620 is a good score. You can qualify for HUD's $100 down program(with up to $1000 deposit and $900 credit back.)
With a 600 score, you may qualify for a USDA loan with 100% financing and no mortgage insurance.
If your credit Lines are at least a year old each and you have 3, and your collections, if any add up to less than $1000, then you don't need to wait. Check out the link below for $100 down properties from HUD.
apply online: mdangelo.brandmortgage.com
50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
Rick Musto, Managing Broker
Buckhead Home Realty
Do not go for the 15 year fixed to shave a half a percent of interest off or go for the ARM loans in the 2's.
The arm loans will adjust later on and cost you more unless you are planning on holding for just a few years.
Instead do the 30 year fixed rate mortgage in the high 3's.Then when you do have some extra cash you can throw it at the principal to pay it down faster but are not locked into a higher payment with the 15 year fixed.
You want that flexibility with your finances.At these low interest rates my investor clients see it as almost free money to borrow because they can get an investment return much greater than the borrowing rate.
So I don't sell multi million dollar homes but commercial real estate.
If you are 6 to 8 months out you need to talk with a mortgage broker now. Given where your scores are at I wouldn't wait 6 to 8 months to buy.
The interest rates and also property prices could rise substantially by then.
If you can it would be best to be looking now around the cold winter months when many buyers do not want to move and interest rates are at all time lows. That's when you land a great deal.If you wait until next spring then all the buyers start coming out of the wood work.
Until you know the score from all three credit companies you don't have anything to work on.
Get the free report as I have shown and then you will be given a code to dispute items online that are not accurate.
Anything from accounts that are not yours (bad accounts), to accounts that have the wrong balance,to accounts that have the wrong credit limit,to judgements,BK filings,repo's,etc.
Right now you shouldn't even be looking at houses with a broker/agent.Get your approval FIRST where they look at pay stubs,tax returns,etc. and then go find the property.If you find the property you want and do not do the financing first you will lose out to another buyer.
I am just giving it to you straight and telling it like it is.Most will sugar coat it and I am trying to save you some time. Get with a mortgage broker who makes you their priority to get things going.
You make about 35,000 a year gross and owe 16,000 on a car.The mortgage lender will count the car in your debt ratio for qualifying.
620 I would work on the score and get to 640 at least. Make sure the credit score of 620 is the average of ALL THREE. Experian,Equifax,Transunion.
Most lenders will use the middle score so if one is 620 but the others are 600 and 580 then your middle is 600 and not 620 as you think.
Get a mortgage broker to pull what is called a TRI-MERGE credit report for free and give to you.This will list all creditors and scores whether accurate or inaccurate for you to work on.
Having said that the credit companies want their money and will not let you use this free credit report (costs mortgage broker but not you) to dispute bad data on the report.
You can go to http://www.annualcreditreport.com and get one free a year from each of the three agencies and use that to challenge bad items.
Fred Yancy, Broker