REALTY EXECUTIVES (OFFICE) 973-575-6700
Have you been tracking any homes or interested in seeing any, just let me know; Do you want to stay in the Wayne area or are you looking at other towns as well?
GEORGE "SERVICE" CONKLIN 973-248-9293
REALTY EXECUTIVES 973-575-6700
Thanks in advance,
Edward W. Miller
Sun West Mortgage Company, Inc.
The attraction to these loans are the minimum of 3.5% down payment requirement, the ability to finance closing costs up to 6% of the purchase price, and the ability to qualify with less then perfect credit.
Although the minimum credit score changes with the times it is currently a minimum of 620-640 for the 3.5% minimum requirement and anything less will require a 10% down payment. You sjhould also know that these credit requirements are the FHA guidelines, you will have to find a bank that will work with the lower scores. I've been told by an FHA specialist that 640 is what a lot of the banks are looking for as a minimum.
The FHA does not back loans for Coops, they do back loans for condos but are limited to those on the FHA approved list.
To see if a certain condo is on the approved list you can visit the following link, https://entp.hud.gov/idapp/html/condlook.cfm?CFID=13461634&a
All FHA loans require mortgage insurance and there is also an upfront mortgage insurance premium of 1 3/4% that can be financed.
A client who has been pre-approved is most likely to have a better chance and some cases a better price negotiation the someone who is just pre-qualified. The difference in the two is that we require more documentation up front. If you would like to speak about the differences, please feel free to contact me at 201-953-0176 or by email: email@example.com
Thanks in advance,
Edward W. miller
Contact a few and chat.
It will offer the possible lower down payment.
That is great, especially for first time home buyers.
Interest rates are reallllly great right now.
You do need to qualify, so get approved early in your home shopping process.
I suggest Wells Fargo. Call Joe Verdicchio at 201 481-8190
Or try Atlantic Home Loans Call Sean Force at 973 219-4195
If you need a Realtor in the Wayne area, Patty and I would be happy to help.