Home Buying in Hoboken>Question Details

Moneymaker29…, Home Buyer in New York, NY

what is the best rate i can get with 5% down. How about 10% down?

Asked by Moneymaker29383, New York, NY Wed Jun 4, 2008

hi, I'm buying a place worth $400k in hoboken. Just wondering what the best interest rates out there are if I put 5% down. How about if I put 10% down? I have a credit score of 730ish and have a salary over 100k a yr.

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6
How much other debt do you have? Banks are being more difficult now with documentation, etc due to sub-prime "crisis" that they caused. Get a good mortgage broker, they will find you the most recent rates/programs. Going straight to a bank is usually not a good practice...they are looking out for their best interests...not yours. Paying a mortgage broker a small fee will save you thousands in the long run...they'll fight to get you a good rate. Or try INGdirect.com I obtained many mortgages (both for my primary residence and investment properties) and the usually have great rates/programs.
0 votes Thank Flag Link Fri Aug 15, 2008
We are a Federally Chartered Bank ( Flagstar Bank) I do have a program that allows 3% down payment.
Please email me any questions Scott.Scarpelli@flagstar.com
0 votes Thank Flag Link Tue Jul 29, 2008
head down to your favorite pizza joint and enquire about a hard money line o credit for the other 15% you need to even talk with a senior lender......nice credit score but if you make 100k a year and only have 20k to put down, your debt service coverage probably won't make it two minutes in underwriting.
0 votes Thank Flag Link Sat Jul 26, 2008
Is this the same place you need a monkey to sign some papers for?
0 votes Thank Flag Link Fri Jun 6, 2008
Moneymaker rates change on a daily basis and to quote a rate today it may not be there tomorrow. I aswered your earlier question about renovation money. I know I can help you either way because their are multiple way to do this trsaction. send me an E-mail at cgrushin@gateway-funding.com
0 votes Thank Flag Link Wed Jun 4, 2008
I'm not overly familier with the NJ market these days (I moved to NV from Jersey City a few years back) - but a 5% down might be a little tricky to find. A lot of lenders are cutting thier 5% programs as they tighten thier belts a bit.

Since I imagine you're looking to reduce out of pocket costs up front - you may also want to consider something along the lines of an FHA Loan. Only requires 3% down, and is quite a bit easier to get ahold of then a 5% down.
0 votes Thank Flag Link Wed Jun 4, 2008
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