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Financing in 53406 : Real Estate Advice

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  • Local Info1
  • Home Buying1
  • Home Selling1
  • Market Conditions3

Activity 8
Tue Oct 9, 2012
Eric D Lenz answered:
You bet! A 10 year mortgage is not commonly used, but you can get it, just ask your lender. You might even get a break on the interest rate of the loan.
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Wed Sep 15, 2010
Jeffrey Kropp answered:
It is based on loan amount, starting October 4th 1% for upfront and in most case 95 basis points for monthly (a big increase).
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Sun Jul 18, 2010
Mini Samuel answered:
your best bet would be to speal to a loan officer..If you need a referral to a local lender, please let me know..Thanks! Mini Samuel
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Fri Apr 9, 2010
Hi Jjohnson,

If you're putting 20% down, you should be able to go with a conventional loan.

With FHA, regardless of the down payment, you are required to have mortgage insurance. There's the Upfront Mortgage Insurance Premium of 2.25% of the loan amount that is financed for you and then there is the monthly premium of 0.55% or 0.50% depending on the loan-to-value.

Best regards,
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Tue Mar 23, 2010
It depends on the loan program and the lender's overlays.

FHA will require that loans be deferred for at least 12 months in order to with hold the student loan payment from your debt to income ratios.

USDA will include the SL payment regardless of how long the payment is deferred for.
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Thu Jan 7, 2010
Sarah answered:
Oh, and a little more info on my situation...I filed a Chapter 7 bankruptcy and have never owned a home before. Another reason I want to buy now is to take advantage of the $8,000 tax credit. I may also be eligible for our state's downpayment assistance. ... more
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Sat Oct 9, 2010
John Shellington answered:
Ideally for an FHA, the minimum credit score for most investors is now 620. This should be your minimum middle score. You might find that you won't get the best rate until you hit the 650 or 680 range. Keep in mind that FHA does not currently have a stated minimum credit score. It is on the investor end that minimumm score requirements are being enforced. FHA has had some discussion about a minimum but have not implemented one yet. Student loans do not have to be counted against your income if you can prove that they are deferred for at least the next 12 months. Get to work on your scores. You'll find that they will start coming up but it won't be over night. Good luck. ... more
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Wed Sep 9, 2009
Grace Hanamoto answered:
Hello Dest:

The best way to determine what you'll need to qualify for a loan in the near future is to talk with a qualified mortgage broker or lender in your area. The broker or lender will look at your overall debt, your income, your length of employment, past tax returns, assets and savings (bank accounts, savings, stocks, etc.) and your FICO score to help you plan to reduce your debt and increase your FICO score and stash money away to cover closing costs and a downpayment. Right now, the bad news is that FICO mid-score (the middle score between your highest FICO score and the lowest) must be at least 620 to qualify for FHA loan, and you must have at least 3.5 percent of the purchase price available for a downpayment plus about 10% more to cover closing costs. At $70,000, that would mean having savings of almost $10,000 to comfortably afford a new home.

Talk with a broker today, so that you can plan to purchase a home in the future.

Good luck!!

Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
Co-Host "Naked Real Estate" on
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