Home Buying in 35242>Question Details

Trang, Home Buyer in 35242

My three credit score are 774-797-820. Would I have some idea about down payment ? interess rate? Thanks !

Asked by Trang, 35242 Tue May 24, 2011

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Based on your credit scores and assuming you don't have any other harmful items on your credit you shouldn't have much of a problem getting a loan.

Conventional Loans can be had up to 95% LTV (95% w/ Mortgage Insurance OR 80/15/5 w/o MI loans are available to you as well)
FHA loans up to 96.5% LTV
VA loans up to 100% LTV
USDA loans up to 100% LTV.

You'll have to speak with a local mortgage professional to be a better idea on specific rates for a loan program. In the interim, feel free to look at http://www.bankrate.com to get a better of idea of where interest rates are today.

Good luck.
0 votes Thank Flag Link Wed May 25, 2011
Add my congratulations to those already stated for your excellent credit record.

As for the lender's terms, downpayment amounts and interest rates are only part of the story. Different loan programs apply to different price ranges and credit scores. You should speak with a qualified lender to determine what's right for your needs, and if you need some recommended contact names for lenders my clients have had a good experience with, I'll be happy to send you that information.
0 votes Thank Flag Link Wed May 25, 2011
Your scores are great so that's part of the battle. The only person qualified to quote you a rate is a licensed loan officer and only after they have reviewed your specific situation. A rate alone does not tell anyone anything about down payment requirements because they are not based on credit score. A 640 score can put nothing down or 20% down just as a 800 score can, it's all depends on program and other qualifying factors.

Find a good Alabama loan officer and have them qualify you.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Tue May 24, 2011
Those are excellent scores, bravo!! :) interest rates are great right so if you are looking to buy now is the time my friend. I live in Alabaster, South of Birmingham, very familiar with the area code you mentioned. I would love to help you out any way I can. Look forward to hearing from you. :-)
Lori Weidenbach
Keller Williams.
0 votes Thank Flag Link Tue May 24, 2011
Down payment is a s follows 20% for Conventional, though your scores could mean 10%but then you pay PMI so not a great savings, FDA wants 3.5% and if the property and the area meet the requirements you may be able to get a USDA loan for little or no down payment at all.
0 votes Thank Flag Link Tue May 24, 2011
With credit score like that you probably have lots of options. I have some excellent local lenders listed on my website. You can email or call any of them and I'm sure they can give you some direction. The link I'm including is directly to the lender and more page.
0 votes Thank Flag Link Tue May 24, 2011
Those are excellent credit scores - good job on keeping your credit up. That will certainly help you when it comes to a loan. However, other factors go into it too. The lender will need to know your current income, debts, etc. They can tell you what type(s) of loan you will qualify for, how much down payment you should expect to put down, and what kind of interest rates you can expect. You should contact a lender to go over this - the preliminary pre-approval is a relatively quick and easy process. And a pre-approval is the first step to your property search. You can find lenders listed here on Trulia, contact your bank, or let me know if you need a referral.

Best of luck,
Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Tue May 24, 2011
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