What does it take to get a mortgage today? – Half Moon Bay Review : Community


Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky] Please moderate: “Credit Scores Needed To Qualify For A Kentucky Mortgage Loan Approval?

Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

What does it take to get a mortgage today? – Half Moon Bay Review : Community.

Your debt to income ratio cannot exceed 45 percent. The higher your credit score, the lower the mortgage rate. A score of 740 or above will give the best rate; a 690 will work, but you will pay between one-eighth to one-quarter of a percentage point more. Rates have certainly moved up this year after the announcement from the Federal Reserve saying it planned to gradually stop buying bonds sometime in the near future. The rate changes daily, but now it’s hovering around 4.375 percent for 30-year fixed mortgages.
The amount of the down payment will also affect both the rate and monthly payment. A 20 percent down payment is the magic number, but other programs are available. The banks are once again offering second mortgages with purchases reducing cash needed. Wells…

View original post 283 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s