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Asked by Home Buyer, Troy, MI Mon Feb 9, 2009

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Jason S Hill, , Sterling Heights, MI
Wed Feb 18, 2009
I would need to know what the taxes are and the cost of your homeowners insurance, but getting the loan itself won't be a problem. Your payment before taxes and insurance will be just under $2000. With a purchase agreement and your documentation I can take care of this for you in 7-10 business days at a low 30 year fixed interest rate.


Jason S Hill
First Mortgage Corporation
0 votes
, ,
Mon Feb 9, 2009
Hi Home Buyer
You should have no problem qualifying for a conventional loan. You will however be subject to higher rates or more points to get the lowest rate due to your credit score. A year ago 676 would be considered "good" credit and would have likely qualified for close to the lowest rates. In today's mortgage environment a 676 would be considered "marginal" though. Lenders just don't consider that a great score these days, and there is not much wiggle room because most lenders are only doing loans that conform to Fannie Mae/Freddie Mac OR FHA guidelines. And since $320k exceeds the FHA max loan limit you're stuck with a conforming loan (Fannie/Freddie approved). That means a sliding scale for rates based on credit score.

It will take a 740 or higher credit score to qualify for the abslute best terms, however I can tell you if you can get your scores over 680 or 720 you will greatly benefit.

The best piece of advice I've heard so far is to work with a local, reputable lender who can lay out your options for you and work with you to get the best mortgage. I would be glad to discuss your situation with you, so give me a call if I can be of assistance

0 votes
Derek Bauer, Agent, South Lyon, MI
Mon Feb 9, 2009
Good evening, and good question.

You are surely in an advantageous position with your debt-to-income ratio, and given your amount of down payment. There are programs out there that will cater to your upper 600 credit score, and I applaud you for exploring your options given this INCREDIBLE time in our history to take advantage of such an investment.

A $320,000 loan amount, at 5.50%, and assuming $800 per year for insurance, and $5,000 per year in taxes (this is a big moving target, and I would appreciate the opportunity to explain more about this to you), would be approximately $2,300 per month.

Please visit my website at, and we would appreciate the opportunity to speak with you further, provide you more information on the process, the incredible tax advantages in-place right now to buyers, and even that in the current stimulus package that looks even more advantageous to purchasers.

I hope to hear from you, at your convenience.

Derek Bauer, Associate Broker / Realtor
Real Estate One - West Bloomfield
734.678.4745 - cell
Web Reference:
0 votes
Lisa Bender, , Howell, MI
Mon Feb 9, 2009
You sound like you're in a great position to buy, but always best to speak with a reputable mortgage broker. I have several excellent references for you. Not only will they get you pre-approved but they will sit down and make sure once the numbers are crunched it's a payment you can live with.

I'm a Realtor that works in the West Bloomfield area, please contact me if I can be of any further assistance.

Lisa Bender
Web Reference:
0 votes
Luke Allison, , Asheville, NC
Mon Feb 9, 2009
While I am not sure how much your taxes and insurance will be, you can abolsutely obtain conventional financing with your credit score. Your rate would depend on how much in points you might want to pay to discount it. As of today (not the best day for rate quoting, mind you) your par rate would be 6.75%. You can discount to 6.25% with 1 point and 5.625% with 2 points.

My suggestion right now would be to register your loan and get approved and then float for a while while rates drop. General concensus is that rates may start to come back down soon.

I would be glad to help you get qualified. Flagstar Bank is right in your back yard too! I am not in Troy but I can lend in all 50 states.

Let me know what I can do.
Luke Allison
Flagstar Bank

Apply Online:
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