Re: Are 15 year mortgages easier to obtain than 30... - myFICO® Forums

Student_Loans_Kill · ‎08-13-2012

I thought I read this on the forum, that 15 year mortgage is easier to qualify for. Is this true?

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Hammer23 · ‎08-13-2012

@Student_Loans_Kill wrote:
I thought I read this on the forum, that 15 year mortgage is easier to qualify for. Is this true?

The guidelines for most programs are exactly the same for 15 or 30 years. 15 years is a higher payment and thus harder to qualify for IMO. You do however get a lower rate.

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Ron6262 · ‎08-13-2012

I just did a 15yr rather than a 30. The guidelines are no different, at least for the lender Hammer and I used. The only exception is you debt to income ratio, and I have heard of "payment shock" issues. Obviously with a 15 yr your payment is about double, but as hammer said the rate is a bit lower and the PMI is a lot lower.

Are 15 year mortgages easier to obtain than 30 year mortgage

Are 15 year mortgages easier to obtain than 30 year mortgage

Re: Are 15 year mortgages easier to obtain than 30 year mortgage

Re: Are 15 year mortgages easier to obtain than 30 year mortgage

Are 15 year mortgages easier to obtain than 30 year mortgage

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Are 15 year mortgages easier to obtain than 30 year mortgage

Re: Are 15 year mortgages easier to obtain than 30 year mortgage

Re: Are 15 year mortgages easier to obtain than 30 year mortgage

Get your FICO Score for free