Asked by Out and About, New Jersey • Fri May 1, 2009
We are looking to buy a second home in NYC. We are very qualified in that we have a lot of equity in our current home, various assets, and are very high income earners. However my husband has a credit score just under 700 (high 600). Can we get a mortgage higher than $417,000? we will put 25% down. what kind of rates? As usually it seems to me the people who make the rules don't know what they are talking about. if you want to stimulate the economy and get the nyc re mkt going shouldn't they ok people like us who want to buy have good income potential steady employment? the gov't is helping people who have no money to pay their mortgage, but not lending to people who can afford the mortgage because of a not so low credit score? how are the banks going to pay for all these foreclosures if they can't lend to qualified buyers?
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