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Financing in Murfreesboro : Real Estate Advice

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  • Home Buying39
  • Home Selling11
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Activity 3
Tue Sep 26, 2017
Karen Peyton answered:
Get thee to a lender! Since no man is an island, ask for a referral of family, friends, or your wife's co-workers.

As far a the loan goes...I suggest an $100,000 FHA loan.
There are three reasons:
1. HELOCS often have a variable interest rate. Get a fixed rate FHA loan.
2. $100,000 instead of $65,000 gives you $35K in the bank - a cushion should you need money in the future. You can pay it back if you want.
3. $100K FHA because lenders often charge a premium if under $100.

I could go on and on about why a full blown FHA mortgage is the best option if you can get it, but that conversation is best left to your lender. Price both and make your best decision.

Wishing you good health!

K.
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Sun Jun 30, 2013
answered:
Fannie Mae is one of two government-backed mortgage lending houses; Freddie Mac is he other. Independent lenders take many of their cues from what these two organizations do. According to the "Washington Post," Fannie Mae raised its minimum credit score for conventional loans in 2009 from 580 to 620. Even if you have a 20-percent down payment, you can be rejected if your score is below 620. Fannie Mae will also reject a loan if more than 45 percent of your income goes toward paying debt.
Government-Backed Loans
Home loans backed or financed by the Federal Housing Administration and the Veterans Administration have different views of credit scores. FHA recently changed its minimum credit score to 580, which qualifies you for lending programs that require only a 3.5 percent down payment. VA loans are 100-percent financed and set aside for active and retired military, along with their families. There is no minimum credit score to qualify, though a better credit score will get you a better interest rate.
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Tue Jan 20, 2009
Kevin Pellatiro answered:
Is the discounted rate good for the life of your loan? Yes (some common assumptions made).

Is the up front spending on those points justified? That may be a decision that needs more calculation for your unique situation. Look up Rob Weber (lender) here on Trulia and see if you can't ask him for advice on the right fit for your plans.

He may want to know how long you plan to be in your current home, what the total cost amounts to, etc... his link below...
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