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Regular Contributor
OneMortgageGuy
Posts: 255
Registered: ‎06-08-2007

Re: New Purchase and 100% Loan! Can they go together?

With your credit histroy I think you can get a loan on an icecube. Let me check with an underwriter on that.
 
When you do shop with your CU check wioth B of A at the sametime. B of A is really eatting closing cost right now and it's not causing the rate to go up.

Tuscani wrote:
I am also in the market and am shopping around... I am leaning more and more towards using a CU.



Established Member
robz71lm7
Posts: 11
Registered: ‎08-08-2007

Re: New Purchase and 100% Loan! Can they go together?

Yes,  I was shocked when they quoted me that rate.  It's enough that I'm now looking at existing homes the builder has in inventory vs building.  I'll take a look into BoA.
 


OneMortgageGuy wrote:
Thats a great deal from you credit union! Check with B of A if you are going full doc. 

robz71lm7 wrote:
My credit union just offered me 100% financing on a $150K home at 6.500% 0-points (30-year) with closing costs at $999 (total cash required at close was around $2400)
 
Scores:
 
Eq 716
Ex 725
Tu 726
 
I also have zero debt.
 
Bad news is I'm 6 months out from closing (new construction).  Wells Fargo will offer to cap the rate for 6 months but the rates they are quoting today for me are 7.00%-which isn't even competitive with my credit union above.


Message Edited by robz71lm7 on 08-29-2007 10:09 AM





Regular Contributor
OneMortgageGuy
Posts: 255
Registered: ‎06-08-2007

Re: New Purchase and 100% Loan! Can they go together?

Good Luck!!
 


robz71lm7 wrote:
Yes,  I was shocked when they quoted me that rate.  It's enough that I'm now looking at existing homes the builder has in inventory vs building.  I'll take a look into BoA.
 


Regular Contributor
VLGaffEsq
Posts: 126
Registered: ‎05-12-2007

Re: New Purchase and 100% Loan! Can they go together?

Thanks for such dead-on, honest and correct information on today's mortgage market.  This week  pulled back on doing a cash out/refi on my condo so I could leave my family's business and get a position which allows me to completely document my loan (still with the lowest costs and lowest possible interest rate fixed for 30 years).  I also am trying to get all my FICO scores over 720, within the next 3 to 4 months, to be allowed to utilize the awesome appraisal report on my condo (which has increased almost 35% over the past year since I purchased it).  The only negative here is now I've got several useless inquiries on my credit reports due to my stalled efforts.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: New Purchase and 100% Loan! Can they go together?



OneMortgageGuy wrote:
With your credit histroy I think you can get a loan on an icecube. Let me check with an underwriter on that.
 
When you do shop with your CU check wioth B of A at the sametime. B of A is really eatting closing cost right now and it's not causing the rate to go up.

Tuscani wrote:
I am also in the market and am shopping around... I am leaning more and more towards using a CU.





 
 
I don't think BofA services loans in MN.
Regular Contributor
OneMortgageGuy
Posts: 255
Registered: ‎06-08-2007

Re: New Purchase and 100% Loan! Can they go together?

Chase and Wells has good rates also.

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