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I have a middle FICO credit score of 671, what are some rates I can get for a new home mortgage?

The home in question is valued at 260k. Currently I have a savings of 50k and a couple lines of credit (2 cards and a car payment). I make around 65-70k a year, of which around 1.4-1.5k a month is towards said credit lines. This is my first home and I am currently looking for some rates. Thank you. by carl.t_147_581 from Concord, New Hampshire. Dec 15th 2011 Reply


Brian Allen (ballen)
#43 ranked lender in Maryland - 191 contributions

FHA unless you are a Veteran we have rates as low as 3.75% seems like you have the necessary income and assets to qualify. I'm avaialble to provide excellent service and great rates I can be reached at ballen@accessnational.com or py pone 888-354-3299.

Dec 15th 2011
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Donald LaPlume (dlaplume)
#6 ranked lender in New Hampshire - 47 contributions

Hi Carl T.On a 30 year fixed rate mortgage you will be looking at rates as low as 3.75%. Depending on the time of locking your rate and what your rate options are you might be able to get a little lower. This is based on an FHA loan. There are other loan options which might be better suited for you though. With FHA you will have to pay a monthly mortgage insurance which can make your monthly payment higher than other options available.I would be happy to explore the best rate and payment options available with you. Feel free to call me at 603-543-3700 ext 1 Donald LaPlume. Also, as a first time home buyer you may be looking for some additional information. I have a free online home buyer university. You can visit and take free classes on different types of loans, home buyer negotiations, and many more classes. I hope you enjoy it. www.homebuyeruonline.com.

Dec 15th 2011
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Blake Kleckner (BlakeK)
#387 ranked lender in California - 258 contributions

Hi Carl:The following calcualtions were determined by using an income of $67,500 yearly ($5,625/mo.) and revolving/installment debt of $1,450/mo. Based upon these numbers, lenders may allow you to have a total monthly debt of about $2,530, which means your total housing payment (principal, interest, property taxes, homeowners insurance, and mortgage insurance--if any) can't be more than $1,080 ($2,530 - $1,450). Based upon your income and debt, if you attempted to purchase a home with an FHA loan, which can be gotten for 3.5% down, your debt-to-income ratio would be roughly 57%, much too high to qualify for the loan In order for you to get your DTI lower, you would have to make a larger down payment. If you put $40,000 down on the $260,000 home, the monthly P&I payment on a $220,000 loan at a 4% interest rate would be $1,050. leaving you only $30 to cover the rest of the housing debt, which wouldn't be possible. You need to find a home much less expensive than $260,000 in order to qualify for the loan, because the maximum you can qualify for is $150,000. A $190,000 home with $40,000 down would result in a monthly payment in the $1,050 realm at 4.5% depending upon property taxes in NH. That's what you should be looking for. I would help you with this transaction and do it for you at no cost, but, alas; I only do CA loans. You need to find a good mortgage broker in NH with loan officers who really knows their stuff, and how to crunch the numbers properly.

Dec 15th 2011
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Blake Kleckner (BlakeK)
#387 ranked lender in California - 258 contributions

Hi again Carl:The monthly payment of $1,050 in my last answer was based upon a 4% interest rate not 4.5%, and this amount is total monthly debt, not just your P&I payment. Actually, if you put $40,000 down on a $190,000 home mortgage insurance wouldn't have to be paid, so you could purchase a bit more expensive home. If you would like me to calculate exactly what that price would be, please contact me.

Dec 15th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Hey Carl... Based on the information you provided, you would qualify, however unless you actually apply, no one on this post can be certain. How long have you had your job, what type of income, IE.. hourly, salary, commissions, self employed, etc... Also, it's illegal to quote a rate without quoting the APR with it... Most credible lenders wont quote a rate without taking an application. Best Advice I can give you is to contact a local mortgage broker, not a bank and apply with them. they have access to multiple lenders and can find the right match to your particular scenario. WilliamAcres.com

Dec 16th 2011
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Don McCarty (donmccarty.pfa)
#34 ranked lender in North Carolina - 53 contributions

When you're making your decision, there are several things to keep in mind. If your current interest rate is significantly higher than today's lowest rates, you may be able to roll your loan costs into the loan and still get a lower rate than you have today, thereby reducing your interest payments and saving money immediately.Second, if you are planning to stay in your home for at least three to five years, it may make sense to pay "points" (a point equals 1% of the loan amount) and closing costs to get the lowest available rate. And third, you can avoid laying out cash and still get a low rate by adding the points and closing costs to your new mortgage. Does that mean shouldering a lot of extra debt? Not necessarily. If you've had your current mortgage for at least three years, you've probably reduced your balance by several thousand dollars. So you may be able to tack your closing costs onto your new loan and still end up with a mortgage that's smaller than your original one -- plus, of course, a lower rate and lower monthly payment. Going this route, we can get you down to apx. 3.5% The saving over 30 years is substantial. Call Don with American Finance Group at (919) 633-7505 for more information.

Dec 16th 2011
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