Financing in 12534>Question Details

Albert Green, Home Buyer in 12533

What is the easiest type of mortgage loan to get approved for in Dutchess County?

Asked by Albert Green, 12533 Tue Jul 28, 2009

Loan of $550k, no VA status, first time buyer, (ARM, fixed, even interest only). Credit score about 700, 5 % down, high-ish debt/income

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You have 2 options: FannieMae 3% down program or FHA's 3.5% down payment program.

You FICO score works for both so it will likely be your debt-to-income ratio that determines which program you'll qualify for.

Dutchess County is considered a "high-cost area" which is good news for you as it means your loan will qualify as a conforming loan and not enter into the Jumbo realm.

If you need help getting pre-qualified or have any other questions feel free to reach out.

David Roma
Mortgage Loan Coordinator
East Coast Capital Bank
Ph: (516) 476-7328
Email: david.roma@eastcoastcap.com
0 votes Thank Flag Link Wed Apr 13, 2016
Think about talking to a mortgage broker. In Columbia County Homestead Funding is big. Mortgage brokers often have access to more mortgage products than a bank.
0 votes Thank Flag Link Mon Apr 11, 2016
Albert,

I suggest you speak with a mortgage representative at one of the local banks in the area you are looking to buy in. You might ask friends/colleagues/family if they have recommendations of mortgage representatives they found particularly helpful.

Good luck in your search.

Tom Lynch
Associate Broker
Berkshire Property Agents
0 votes Thank Flag Link Wed Aug 19, 2009
If it meets FHA loan limits that would be your only option. This wont work conventional, loan amount is too much. Jumbo requires 10% at the very minimum.
0 votes Thank Flag Link Tue Jul 28, 2009
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