Is this a good deal first time buyer

Anonymous · ‎04-05-2008

I am expected to close on house this week. I got a 30 year fixed with 100% financing at a 6.8 interest rate and the seller is paying all closing cost 3,000. My mid score at the time was 655. Shane or any mortgage experts is greatly appreciated. Also I leave in Louisville, Ky Thanks!!!

ShanetheMortgageMan · ‎04-06-2008

Considering that there are now FICO score adjustments for scores lower than a 720 & LTV's over 60%, and PMI on 100% conventional financing is no longer available as of about a week ago - you got an excellent deal compared to what you would qualify for if you started the process today.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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Anonymous · ‎04-08-2008

Thank you so much Shane, I feel more confident about my loan. We close on this Thursday at 3:00. I will finally become a homeowner.

ShanetheMortgageMan · ‎04-13-2008

Congrats!

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states

Anonymous · ‎04-13-2008

Send that loan offer my way. It's a shame the lenders had to ruin it for everybody...I want 100% financing...

After playing around with some mortgage calculators, it made me realize this is probably a good thing. We should have some equity in our homes starting out...not building it over years. 5% is a good minimum, any less and you're increasing the likelihood of default as the person isn't "invested."