real estate agents are good at selling houses not mortgages. Realtors should never offer advice as to mortgage / finance options in this very trubulant market.

They are simply not qualified

Wed Jul 23 2008, 17:59

Debzani,
I would be happy to work with you and look at all of your options. The mortgage market is changing almost daily. With your credit score and 5%, you will have a few different ways to go. I do not know of a lender in our market who is doing 80/20s any more. I work for HomeServices Lending--we are a full service, national lender. I offer a free float down prior to closing, if rates improve. Please contact me if I can be of any service.

Kathryn

Wed Jul 23 2008, 17:56

If you have 5% to put down, consider a conventional loan at 95% LTV. Do a upfront single premium mortgage insurance payment and then you will not have pmi each month.
I am a mortgage loan officer with WR Starkey Mortgage; and, of course, would be happy to help you.

Thu May 15 2008, 07:44

Thank you for your question. I work with 6 different lenders that can help you and guide you through the process of getting a mortgage. Give me a call or e-mail me and I will be happy to send your their contact information. Just remember, you have 45 days for a lender to pull your credit without it effecting your score. You may contact any lender you wish. Some products are better than others and not all lenders have the same products. Let me know how I can help you achieve your real estate goals. Rachel Rivers, REALTOR with Re/Max Professionals 336-471-9089

Sat May 10 2008, 15:33

80/20's are still available but harder to come by. Even with getting a conventional loan you can get them without mortgage insurance. The difference in an FHA loan versus conventional is that the mortgage insurance is usually cheaper with an FHA loan but you have to pay it for the entire loan life where as with a conventional loan it usually costs more up front but it only stays on your mortgage until you get to 80% of your loan versus the appraised value. At that point it comes off and you do not have to pay for it any longer.

The best thing to do is consult with a few lenders and get quotes for FHA and with conventional. There are a lot of programs available out there. If you have any questions you can e-mail or call me from my website. Have a great day!

Brian Haigler

Sat May 10 2008, 11:25

Hi....with a credit score that high you certianly have alot of options. Call me at 336 992-7602 and I will be happy to give you a couple of names of good lenders to consult with. Also, I would love the opportunity of assisting you with your home search.

Sincerely,
Shirley Ramsey

Sat May 10 2008, 10:14

With 5% down, Ute's suggestion that you look at FHA is probably a good place to start. Also a VA loan if you're eligible. There are other programs out there but with these two you avoid paying PMI (private mortgage insurance) which could end up being a significant savings for you. I can give you the name of a bank based lender who does a great job with FHA & VA. Call or email me.
Anne
rockync@earthlink.net
336-902-9900

Sat May 10 2008, 10:05

I would seriously consider an FHA loan because of low down payment requirements. Also look into the Nehemiah program that works really well in combination with FHA loans because of the seller credits that are permitted. How much down you'll have to pay will depend on your particular location as some counties are considered "declining markets" which means that the lenders deduct an automatic percentage (I think it's 5%) which means that you have to come up with more money for a downpayment. Good luck.

Sat May 10 2008, 08:59

Hello Debzani,
I would shop around lenders, ask your Agent to reccomend some lenders, If you don't have an Agent I would find one, this is one of the many things we do for our clients, and as a buyers Agent most agents will represent you at no charge to you. I would be happy to refer you to an agent in Winston Salem if you like.
Michael

Sat May 10 2008, 08:52

Debzani,
I have some lenders that could easily work those numbers for you. One other question though is the rate you will want to pay. Also you mention you have 5% for the downpayment but you want an 80/20 loan? Also is the 220K the appraised value? Depending on your situation if you are ready to move on this then shop around for the right rate. As long as you move forward on the loan it will not hurt your credit to have a few people pull your credit. I believe you have 45 days with which to close once you start having people pull your credit report. I have lenders that work with the more credit challenged and I have some that work with the one's in a better position such as yourself. CB Mortgage our mortgage division can give you a preapproval over the phone if you like just call the number 1-888-309-8195 and they will take care of you. If you want some others to shop then just let me know.

Hope this helps

Larry Story
Coldwell Banker Triad
larry.story@coldwellbanker.com
336-327-1841

Sat May 10 2008, 08:43