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were pre approve for $80k but we want conventional mortgage

by kandy4420751 from Bronx, New York. Nov 14th 2015 Reply


Jesse Stroup (jessestroup)
#193 ranked lender in California - 591 contributions

Great, you should be able to get a conventional loan. If the lender is not giving you the answers to your questions or they are treating it as a "take it or leave it" loan. Go to a different mortgage lender.

Nov 16th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

More info needed, but in general, your credit score and down payment has to be higher.. With FHA, there's little difference in the interest rate between a 620 credit score borrower and a 750 borrower. Maybe a quarter point or so.. but for conventional, the difference can be as much as 1.5%.. and unless your a first time home buyer, you will need 5% down for conventional, and the mortgage insurance is also tiered based on your credit scores.. so again.. if your credit scores are high.. 720 or higher,or your putting 20% down or more, then conventional might be a better option.. otherwise, you should stick to FHA.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 16th 2015
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