Financing in 07733>Question Details

Jane, Both Buyer and Seller in 07733

Is it now possible to get a new mortgage loan with only 10% down with a fair to good credit score?

Asked by Jane, 07733 Mon Jun 8, 2009

1 vote Share Flag Financing in 07733

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hi Jane,

FHA would be a good option if you are a first time home buyer... meaning not having owned a home in last 3 years. It would need a score of 620 to qualify.
0 votes Thank Flag Link Tue Jun 9, 2009
Hello Jane,

FHA loan limits will allow you to borrow up to 96.5% of the property's value on a purchase. Keep in mind that you must budget for mortgage insurance if you choose this option, although it generally will fall off in 60 months if you do not refinance before then.

A mid-score of 620+ will be required for normal rate pricing, and 720+ for premium pricing. Give me a call or email if I can be of assistance, I work with a direct-lending mortgage bank in NJ and can let you know what you'd qualify for.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
0 votes Thank Flag Link Tue Jun 9, 2009
It is possible, espeically with FHA, VA, or USDA. Sit down with a lender to discuss your options.

I am a Loan Officer. If I can be of assistance, please let me know.

0 votes Thank Flag Link Tue Jun 9, 2009
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