Financing in Atlanta>Question Details

Tansy Dixon, Home Buyer in Norcross, GA

What interwst rate can I expect with a credit score of 680? I am looking to buy in Gwinnett Co. GA.

Asked by Tansy Dixon, Norcross, GA Tue Jan 24, 2012

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Solomon Greene’s answer
Hi Tansy,

Please also know about the various down payment assistance and $100 down programs available here in Gwinnett County for both GA first time buyers and families moving up to their next property. See the Gwinnett County page at the link below. I'd welcome the opportunity to explain more about these programs and provide a list of participating lenders for your review. If you're not currently working with an agent, please call me for more information.

Thanks
Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
(678) 775-2677
1 vote Thank Flag Link Tue Jan 24, 2012
BEST ANSWER
Hi Tansy, thanks for the additional info, based on the information you provided you should expect 30-year fixed rates under 4% without any points from nearly all lenders who offer FHA financing.

When you are figuring your payment, be sure to include the monthly mortgage insurance that FHA charges. If you are just looking at putting down 3.5%, the monthly mortgage insurance will be 1.15% of the loan amount divided by 12 = monthly mortgage insurance amount. On a $150k sales price, the monthly mortgage insurance would come out to $138.72/mo.

If you use a 4% interest rate, the P&I payment will be $697.97/mo.

I'd encourage you to get a homeowners insurance quote if you have not already - in past transactions in Georgia on a $150k sales price the premiums have been no more than about $600/year ($50/mo). And then the property taxes are often taken from what the current owner is paying, although you can contact the county to get tax rates and based on your new sales price/assessed value you may be able to calculate what they'll change to after you purchase the home.
0 votes Thank Flag Link Tue Jan 24, 2012
Consumer lending is still tight, and your credit score will still be a major factor in 2011 if you want to get the best mortgage interest rates. If your credit score is between 680 and 699, you will be able to find a rate around 3.75% to 3.875% by applying for an FHA , VA or USDA loan. If you are targeting a specific monhtly mortgage payment, please be sure to factor in the Mortgage Insurance premium, property taxes, homeowners insurance and any Homeowner Association Dues (HOA) in to your total monthly payment.

Warm regards,
Kim Jones
Senior Mortgage Banker
678.468.4046 Cell
770.822.2083 Office
678.518.6917 eFax
kdjones@brandmortgage.com
Click here to visit my web site and apply on line: http://kdjones.brandmortgage.com
3328 Peachtree Rd. Suite 200 Atlanta, GA. 30326
NMLS# 75615 | 545217
Web Reference: http://www.kimdjones.com
1 vote Thank Flag Link Tue Jan 24, 2012
As you can see, 3.75. And what a deal when you have a dedicated agent working for you.
Let me know how I can help.

Free Home Search at http://www.AtlantaHomeBuyerSeller.com
Web Reference: http://www.SpotAgents.com
0 votes Thank Flag Link Thu Jan 26, 2012
Good info Solomon! Another great Down Payment Assistant Program is the Federal Home Loan Bank Program that will match the buyers down payment by 4. Or, the Georgia Dream Program; Terms of the program are:

Credit scores of 660+ - 40/45% ratios
Credit score 640 to 659 - 35/35% ratios
Credit score 620 to 639 - 35/35% ratios with some additional requirements:

1. Must provide an acceptable verified 12 month rental history
2. Must have a minimum of two months cash reserves not including 401K and Retirement Accounts
3. May have had no bankruptcy or judgment within the past three (3) years
4. The new monthly mortgage payment may not exceed the current monthly rental payment by more than 150%
5. No adult household member may own residential real estate at closing


You’ll need a minimum of $1000 of your own funds in to the transaction. This can be your earnest money if you’d like. You can also use a “gift” from a family member for this amount. GA Dream will give you up to $7500 for down payment and closing costs, depending on the program;

• Up to $5000 for a standard borrower buying a home up to a sales price of $250,000
• Up to $7500 for a disabled borrower/family member, nurse, doctor, firefighter, teach and other “Public Service” personal.

Income limits:

• Household of 1-2 people = $61,000 to $71,000, depending on where you buy in GA (All of Atlanta area is $71,000)
• 3+ people in household = $70,000 to $82,000, depending on where you buy in GA (All of Atlanta area is $82,000)

The Down Payment Assistance is not forgivable; meaning, if you sell or refinance your home, you must pay it back. We have a few other Down Payment Assistance Programs available if you want information on those as well. Please call me anytime with any questions...

Warm regards,
Kim Jones
Senior Mortgage Banker
678.468.4046 Cell
770.822.2083 Office
678.518.6917 eFax
kdjones@brandmortgage.com
Click here to visit my web site and apply on line: http://kdjones.brandmortgage.com
3328 Peachtree Rd. Suite 200 Atlanta, GA. 30326
NMLS# 75615 | 545217
Web Reference: http://www.kimdjones.com
0 votes Thank Flag Link Tue Jan 24, 2012
The current rate on a 30 year FHA fixed are 3.75%, but without pulling your credit, it'd be impossible to know if you'd qualify for it.

A licensed lender will be the best way to find out exactly what the mortgage on a $150,000 house will cost.

If you've got more questions, you can email me directly and I can point your toward the correct resources. I can also send along some Gwinnett listings that fall in your price range. There are a lot of different submarkets in Gwinnett and it can be very difficult to navigate.

Hope this helps!

Michael Fischer
Fourteen West, REALTORS http://www.14west.com
Cell - 770.530.5538
Email - mfischer@14west.com
Web Reference: http://www.14west.com
0 votes Thank Flag Link Tue Jan 24, 2012
Tansay,

There are so many components to "what is the rate". To quote a rate a loan officer will need to know the type of loan you are doing--FHA, VA, USDA or conventional. What is the sales price? What is the loan amount? and other things. You need to speak with a loan officer to get a good rate quote.

Sally W. Hamby
Senior Mortgage Banker
Fidelity Bank Mortgage
NMLS # 35143
sally.hamby@lionbank.com
404 644 7696
0 votes Thank Flag Link Tue Jan 24, 2012
Okay.
I want to purchase a single family residence with an FHA fixed-rate loan for 30 years. It will be owner occupied. I am looking at homes 150k and under in Gwinnett Co. GA. Not sure about the points. Does this give a clearer picture?
0 votes Thank Flag Link Tue Jan 24, 2012
Hi Tansy-

Try giving Brian Hartley a call. He could run down a list of different products and figure out which one fits your needs.

Brian Hartley, Senior Mortgage Consultant
Envoy Mortgage
Direct: 770-331-1522

If you need help find property in Gwinnett, I've lived their my entire life and can help you find a great place.

Best-

Michael Fischer
Fourteen West, REALTORS
http://www.14west.com
Cell - 770.530.5538
Web Reference: http://www.14west.com
0 votes Thank Flag Link Tue Jan 24, 2012
Tansy

Your best bet is to talk with a Loan Officer. They will ask you several questions, and based on the answers as well as other criteria that will determine your interest rate. If I can be of any help to you, please feel free to contact me at 678-773-0906

Jeff
0 votes Thank Flag Link Tue Jan 24, 2012
When someone calls up a loan officer for an "interest rate quote" there are several questions that need to be answered, including some of the most basic:

1. Loan amount
2. Loan-to-value
3. Credit score (which you provided)
4. Purpose (purchase, refinance, cash out refinance, etc.)
5. Occupancy (owner occupied, second home, non-owner occupied)
6. Property type (single family residence, 2-units, condo, mobile home, etc.)
7. Loan product (ARM, fixed rate, etc.)
8. Financing type (FHA, VA, conforming - which may be tough for a consumer to know, but if you do, it's helpful)
9. Loan term (30-year fixed, 15-year fixed, 5-year ARM, etc.)
10. How many points you want to pay (you may have not known, but all interest rates are available pretty much all of the time, but it is the price, as in how much that interest rate costs in points, that varies on a day-to-day basis)

So when you are asking about rates, if you come into the conversation prepared with as much of that information as possible, you'll have a really good chance at getting an accurate quote.

Interest rates & fees are important, but when you are buying a home THE most important thing is being able to qualify and close on time. If it means .125% higher interest rate, or a few hundred more in fees vs. having a horrible experience with a lender, a delayed closing, etc. then it's usually worth it. But don't get me wrong, you don't have to have higher rates and/or fees in order to get excellent service - but typically the lenders who market "price" instead of "service" you don't get much of the latter.

Shane Milne | NMLS #81195 | Lending in all 50 states
0 votes Thank Flag Link Tue Jan 24, 2012
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