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Financing in Ruskin : Real Estate Advice

  • All70
  • Local Info6
  • Home Buying21
  • Home Selling2
  • Market Conditions4

Activity 2
Tue Feb 15, 2011
Hannah Fliegel answered:
Hi C,

With a poor credit rating you will pay more for goods and services that require a credit check. For example, you will have a much higher interest rate for your home loan.

You will pay more for auto financing, auto insurance, home insurance.

Some employers are running credit reports on applicants.

Why not do something radical like working on your credit rating first? Then once your credit is in good standing will then select a mortgage product that fits your needs. Once you have good credit will you have a choice of mortgage products and not just have FHA products.

Good luck!

Hannah Fliegel, FICO Pro
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Sun Jan 9, 2011
Lisa Reeves answered:
The days of 2nd mortgages to purchase are over. The best way to purchase with 5% down payment would be to do a FHA mortgage but you would need to escrow and you would have FHA Mortgage Insurance. If the home is in the right area you could do a USDA which has no monthly Mortgage Insurance just a one time on the front and you can do up to 103% if property appraises higher. Even if you had 20% down and opted for a conventional with no escrows - you would be hit with a 1/4 point rate increase. If you would like some help I can send you a great mortgage contact. ... more
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Financing in Ruskin Zip Codes