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Can I purchase a house with 701 EXP


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12 replies to this topic

#1 frenchy69

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Posted 16 April 2017 - 03:55 PM

Hi

We've found a perfect house we wanted ,since Ive  been working on my credit since 2015 

Ive improved my score tremendously .

 

I have  couple of questions .

What rate Am I looking at ?

 

My true Score from credit score limit 

 EXP 701, ON EQ 698 ,Trans  is 696

 

I made an offer for $284k accepted it from 295k

 

My mortgage  is currently 1200 

I want to move in now and sell my house later.

 

I have a friend that works at prime lending.

But I am not sure what rate Am I looking at ?

 

He asked me to send him 

My W2s 2015 & 2016

2 Current pat stubs

3-2 months bank statements.

Any idea about a prime lending bank 

I am thinking to go to my credit union to do this loan instead 

 

Any inputs will greatly be appreciated .

 

I believe my DTI is fine since my income is good.

He also told me cloning cost will be $3000 to $3800  includes appraisal title fees recording of the mortgage 

is this fair ?

 

How much do I need to put down to avoid paying PMI ?

 

Do I need to put down 20%  ?

Thanks 

 


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#2 cv91915

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Posted 17 April 2017 - 03:35 AM

https://creditboards...opic=591378&hl=


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#3 Brian B The Loan Professor

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Posted 17 April 2017 - 02:04 PM

Congratulations on finding a home you sound excited - slow down and take the time to crunch the numbers and make sure it makes sense - There is no way we can give a detailed answer to the questions including what rate without the same info the person you spoke with asked for 

What is your monthly income?

What are your monthly debts (min payments all cards  cars student loans etc)

How much is your current mortgage you plan to hold until after the purchase?

Tp avoid PMI you will need 20% down however there are options for as little as 3.5% to 5% down - they will have PMI to compensate for the added risk to the lender

I wouldnt trust the scores you have - the Fico scores pulled by a lender may be different

Test the waters with any lender - if you are confident and trust the answers you are given you should be fine - The biggest complaint is lack of communication or not answering questions - 

You have been through the process once - that helps - The closing costs sound about right but you will also have to fund your escrow account and pay the insurance for a year so plan on more

what you were quoted is probably just the lender and title company - 

 

Good Luck

BrianBTheLoanProfessor

MortgageForumLead

 

Hi

We've found a perfect house we wanted ,since Ive  been working on my credit since 2015 

Ive improved my score tremendously .

 

I have  couple of questions .

What rate Am I looking at ?

 

My true Score from credit score limit 

 EXP 701, ON EQ 698 ,Trans  is 696

 

I made an offer for $284k accepted it from 295k

 

My mortgage  is currently 1200 

I want to move in now and sell my house later.

 

I have a friend that works at prime lending.

But I am not sure what rate Am I looking at ?

 

He asked me to send him 

My W2s 2015 & 2016

2 Current pat stubs

3-2 months bank statements.

Any idea about a prime lending bank 

I am thinking to go to my credit union to do this loan instead 

 

Any inputs will greatly be appreciated .

 

I believe my DTI is fine since my income is good.

He also told me cloning cost will be $3000 to $3800  includes appraisal title fees recording of the mortgage 

is this fair ?

 

How much do I need to put down to avoid paying PMI ?

 

Do I need to put down 20%  ?

Thanks 

 


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#4 frenchy69

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Posted 18 April 2017 - 10:19 PM

My income is not a problem even with both mortgages including my both cars.

I am under 32%.I make 17k a month 

I  want a lower interest and No PMI  and NO closing cost  


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#5 Morpheus1967

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Posted 19 April 2017 - 05:36 AM

If you want no closing costs, you should have addressed that when you made your offer and requested that the seller pay closing costs.  For no PMI, you need 20% down, so $56,800.  If you have that much to put down, I don't see why another 3k (this seems low by the way) would be an issue.


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#6 mendelssohn

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Posted 20 April 2017 - 09:16 AM

If you want no closing costs, you should have addressed that when you made your offer and requested that the seller pay closing costs.  For no PMI, you need 20% down, so $56,800.  If you have that much to put down, I don't see why another 3k (this seems low by the way) would be an issue.

 

You don't need 20% down to avoid PMI.


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#7 tiggerlgh

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Posted 20 April 2017 - 09:49 AM

 

If you want no closing costs, you should have addressed that when you made your offer and requested that the seller pay closing costs.  For no PMI, you need 20% down, so $56,800.  If you have that much to put down, I don't see why another 3k (this seems low by the way) would be an issue.

 

You don't need 20% down to avoid PMI.

 

You do if you don't want the PMI built into the rate.


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#8 mendelssohn

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Posted 20 April 2017 - 10:11 AM

 

 

If you want no closing costs, you should have addressed that when you made your offer and requested that the seller pay closing costs.  For no PMI, you need 20% down, so $56,800.  If you have that much to put down, I don't see why another 3k (this seems low by the way) would be an issue.

 

You don't need 20% down to avoid PMI.

 

You do if you don't want the PMI built into the rate.

 

 

Not true.  The mortgage guys and CV have posted examples of less than 20% with no PMI build in. 

 

I'm not talking no money down.


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#9 cv91915

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Posted 20 April 2017 - 10:29 AM

 

 

 

If you want no closing costs, you should have addressed that when you made your offer and requested that the seller pay closing costs.  For no PMI, you need 20% down, so $56,800.  If you have that much to put down, I don't see why another 3k (this seems low by the way) would be an issue.

 

You don't need 20% down to avoid PMI.

 

You do if you don't want the PMI built into the rate.

 

 

Not true.  The mortgage guys and CV have posted examples of less than 20% with no PMI build in. 

 

I'm not talking no money down.

 

 

If you are dealing with companies that originate vanilla mass-market loans for the GSEs or loans guaranteed by various government agencies you will get vanilla products with vanilla requirements and exorbitant costs when you put less than 20% down.

 

If you look around and make a few phone calls you'll find other options with portfolio lenders who use their own lending guidelines and not those imposed by investors or guarantors.  

 

We did an 85% LTV 3/1 ARM  last summer for 1.99% with 0 points and no PMI last summer.  

 

Our loan also lets us re-lock the rate at the "then-current" 3/1 ARM rate for another three years for a nominal $295 fee and a signature on a one-page form.  We reset the rate in month two when it dipped a little, and it's currently at 1.74%.


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#10 frenchy69

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Posted 20 April 2017 - 08:53 PM

OK

I called my bank Ive requested a break down for all the closing cost and total of my pocket.

Its going to be $6888 

Ive decided to go with an 80% and 15 %

the 40% is at 4% fixed

the 15% is 6.75 fixed no pre payment penalty .I will pay

No PMI putting 5% down I could put  more But Ive decided not too

Thats the deal 

Very excited 


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#11 Morpheus1967

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Posted 21 April 2017 - 03:15 AM

 

If you want no closing costs, you should have addressed that when you made your offer and requested that the seller pay closing costs.  For no PMI, you need 20% down, so $56,800.  If you have that much to put down, I don't see why another 3k (this seems low by the way) would be an issue.

 

You don't need 20% down to avoid PMI.

 

 

Instead of making blanket statements that are contradictory, which you are wont to do to a lot of people who post here, it would be great if you actually explained your statements instead of just making them.  


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#12 mendelssohn

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Posted 21 April 2017 - 05:04 AM

 

If you want no closing costs, you should have addressed that when you made your offer and requested that the seller pay closing costs.  For no PMI, you need 20% down, so $56,800.  If you have that much to put down, I don't see why another 3k (this seems low by the way) would be an issue.

 
You don't need 20% down to avoid PMI.
 
 
Instead of making blanket statements that are contradictory, which you are wont to do to a lot of people who post here, it would be great if you actually explained your statements instead of just making them.  

I'm not sure how you don't understand that statement.

There are lenders that require less than 20% down to get the best terms and avoid PMI.

You actually made the blanket statement, not me, when you said "for no PMI, you need 20% down." I'm pointing out that this is inaccurate.
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#13 cv91915

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Posted 21 April 2017 - 06:09 AM

If you want no closing costs, you should have addressed that when you made your offer and requested that the seller pay closing costs.  For no PMI, you need 20% down, so $56,800.  If you have that much to put down, I don't see why another 3k (this seems low by the way) would be an issue.

 
You don't need 20% down to avoid PMI.
 
Instead of making blanket statements that are contradictory, which you are wont to do to a lot of people who post here, it would be great if you actually explained your statements instead of just making them.

I'm not sure how you don't understand that statement.
There are lenders that require less than 20% down to get the best terms and avoid PMI.
You actually made the blanket statement, not me, when you said "for no PMI, you need 20% down." I'm pointing out that this is inaccurate.

If only someone was able to contribute an example.
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