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Can I get a good rate???

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Anonymous
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Re: Can I get a good rate???

Got a preapproval on the phone yesterday for $100,000.  I'll keep ya up to date.  FHA

Message 11 of 18
Anonymous
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Re: Can I get a good rate???

Well were in a bidding war at the moment but the realestate agent believes that my offer with be accepted.  I am going to put 10%down so I don't \think I have to go FHA  is that correct?   Also what are your thoughts on Vantage Score?

Message 12 of 18
Anonymous
Not applicable

Re: Can I get a good rate???


@Anonymous wrote:

Here are my stats I hope I have what you need.  Just go my tu score from this site its 645.  My income from full time job is 65,000 I have been there for 4 years.  I am looking in syracuse, ny  probably somewhere between 100,000 and 150,000.  I have 15,000 savings and 12,000 in company stock.  Lates reported were penneys, 30 days 10/09, best buy 30 days 5/08, macys 30 days 11/07  capital one 30 days 11/09.  Then I had a student loan that was 120 days back in 2007 it has been paid in full since the beginning of 2008.  How do I look???  Thanks for your timeSmiley Happy


Have you looked into the SONYMA program.  It's a mortgage program similar to fha for nys residents.  Your income is too high for the achieve the dream mortgage program but you qualify for the regular low rate one.  One difference is fha requires 3.5% down where SONYMA only 3% so you'll save some cash there.  I think the rates for the program you qualify for is similar to fha rates.

 

http://www.nyhomes.org/index.aspx?page=1

Message 13 of 18
Lel
Moderator Emeritus

Re: Can I get a good rate???

 


@Anonymous wrote:

Well were in a bidding war at the moment but the realestate agent believes that my offer with be accepted.  I am going to put 10%down so I don't \think I have to go FHA  is that correct?   Also what are your thoughts on Vantage Score?


Vantage Scores are rarely used by creditors.  My guess is that it is very rarely, if ever, used by mortgage lenders.  The Vantage Score (500-990) uses a completely different scale from the FICO score (300-850), so a Vantage Score of 800 doesn't translate to anything close to a FICO score of 800.  There's no reliable way to convert a Vantage Score to a FICO score.

 

Message 14 of 18
Anonymous
Not applicable

Re: Can I get a good rate???

My offer was accepted, I will be meeting with the bank this week for a mortgage.  Selling price 98,500.  I plan on putting 10% down.  I now have 23,000 in the bank.  Hoping not to do fha, what do ya think?

Message 15 of 18
Anonymous
Not applicable

h Re: Can I get a good rate???

Met with the LO today, Scores pulled were as follows Beacon 5.0 +628    Classic score +673        Fair isaac score 2    +654.

Applied for FHA  $93,000.    LO says he's quite certain I will get loan,  what do you all think??

Message 16 of 18
Anonymous
Not applicable

Re: Can I get a good rate???

When should I actually purchase homeowners ins.  and they ask for my SS# does it impact my score when the look at credit report for ins. Purposes.

Also I got my appraisal last Thurs and haven't heard anything since, is this unusual?

Message 17 of 18
Anonymous
Not applicable

Re: Can I get a good rate???

I wouldn't purchase the insurance until you get your closing date as they are going to need that and will start your policy on the date you close.  You can shop around though but usually most people go with their auto insurance co as they offer the best /most discounts though some on this board got a better deal from another insurance than their own.  Be prepared to answer questions you might not know the answers off the top of your head  as they could help with how much your policy is. For example I got a very low insurance rate for my policy because the local fire/police departments were less than 5 minutes away and the hydrant was only 1 house away so you might want to get that info now as well as the sq footage etc

Message 18 of 18
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