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Financing in 23502 : Real Estate Advice

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  • Home Buying17
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Activity 2
Mon Jul 22, 2013
Rebecca Bulkeley answered:
You are never to old to stop living and enjoying life. This includes seeking out a real estate professional, like myself, who works specifically with seniors. I am a Senior Residential Estate Specialist who consults with seniors to help them make the best decisions for their housing needs.

I have helped clients older than 77 obtain mortgages and new homes. It would be my pleasure to speak with you. Just give me a call when you want to talk!

Rebecca Bulkeley
Realtor - Broker Associate SRES RSPS GREEN TRC
Exit Realty Professionals

Cell No. 757-581-4480
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Mon Oct 4, 2010
answered:
Hi, Kline

As stated, with FHA, the min FICO is typically 640, and the min down payment is 3.5%. Your monthly MIP (as of business close today) will now be .90% per every $1,000.00. This is almost double from what it use to be (.55%).

Conventional/Fannie Mae, thru the HomePath program you can put down as little as 3%. You will also need a min FICO of 700-720. With the standard Conventional financing you can put down as little as 5%, and your score can be as low as 680. However, depending on your actual down payment, credit score, and the property's location, your monthly PMI can be very high. Consult with a local or locally licensed LO to determnined whats best for you.
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