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Wats my best mortgage probly if I have 682 credit?

by s_jhandeep345700 from Ogden, Utah. Dec 23rd 2014 Reply


Spencer Packer (Spencer)
#55 ranked lender in Utah - 4 contributions

It depends on a couple of factors like, loan size, down payment amount, etc. My name is Spencer Packer, I am a local North Ogden mortgage professional. I can be contacted directly at spencer@galmc.com. Please send me a private email if you would like me to run some scenarios for you! Thanks!

Dec 23rd 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

As you see from all the comments, there are many factors that go into deciding. Your best solution is to work with an experienced and knowledgable mortgage officer who will look at your entire situation and recommend the best option. In general, a conventional may be a better option because any PMI will eventually no longer be required but that can take up to 11 years or so in some cases. Sometimes FHA might have a lower payment but it will always have the PMI.

Dec 24th 2014
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Jason Hall (JasonHall)
#25 ranked lender in Utah - 79 contributions

As everyone says, it totally depends on a number of factors. Short version, a Conventional loan will be better than an FHA loan in most cases, as long as you have sufficient down payment. As the 97% Conventional loans have returned, you are safe with that as being your best option. Now if you have VA eligibility, that is your best bet. If you are in a rural area and can qualify for a Rural Housing loan, that would be your best bet. So without knowing more than your credit score, I can't give you the best answer. Feel free to email me - I am in SL - Jason.hall@utahmortgageloan.com Merry Christmas!!

Dec 24th 2014
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Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,250 contributions

Depends on what you have to put down for a down payment.. Depends on your income level, your monthly take home pay vs your monthly debts ,, the ones on your credit report, ie .. car payments, credit cards.. etc.. How much of a mortgage are you looking for ? so at first glance ,, conventional , if you have a down payment, and can get approved for mortgage insurance if you do not have to 20% to put down, FHA is 3.5% down, and if you are a vet ,a VA loan is no money down, as well as USDA, a rural loan, where the property has to qualify. Also , any foreclosures, bk;s or short sales ? that is also a factor you can email me at yourloanpartnerforlfe@live.com linda

Dec 23rd 2014
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Cory Ure (coryure)
#46 ranked lender in Utah - 50 contributions

The short answer is: It depends. The long answer is it depends on how much you have to put down, where the property is located, loan limits for different loan types, eligibility for a VA loan, and more. Typically, with at least a 680 FICO score a Conventional loan will produce the lowest monthly payment other than a VA or USDA Rural Housing. VA doesn't have any monthly mortgage insurance and USDA has very small monthly MI (which they call a Guarantee Fee). VA and USDA Rural Housing loans do not require any down payment. FHA requires 3.5% and Conventional loans require 5% down or 3% if you are a first time homebuyer. Please don't hesitate to contact me with any questions you may have. My phone is 801-971-7916 and email is cory.ure@snmc.com.

Dec 23rd 2014
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Jason Vondrak (jvondrak)
#1 ranked lender in California - 1,690 contributions

That depends on a number of other factors including your down payment, income, debt-to-income ratio and more.

Dec 24th 2014
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

With a 682 middle score, you would qualify for any of the loan programs out there. If you are VA eligible, then VA loan would be the best no down solution. You should also qualify for a now down USDA loan for a home in a USDA eligible area. With only 3% down, you should qualify for the new Fannie 97% loan, or even FHA with 3.5% down if your debt ratio is over 50%. Confused? That's because there are many factors in determining which loan product best suits your situation and you didn't provide them. Reach out to a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. We are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Dec 24th 2014
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