Posts Tagged "800."

Q&A: How (& where) to lock in an interest rate for new home purchase? (I have 800+ FICO)?

on Dec 13, 2012 in FHA Information | 1 comment

Question by inquisitor: How (& where) to lock in an interest rate for new home purchase? (I have 800+ FICO)? I have AAAA credit and am prequalified for an FHA loan already – but the mortgage broker says the rate is not locked in (until I choose a property/deal). Who has he best deals and how can I lock in a rate before I choose a house (it may take a month for me to find a house)? Best answer: Answer by lepr0kanMany lenders requires a property before you can lock. Actually all of the ones I work with except for Wells Fargo Wholesale requires a property, cheap so see if your broker works with them. Remember that if you are trying for a long term lock of 60-90 days your rate is not going to be that great (the longer the lock the higher the interest rate). I suggest having a broker lock it in currently with one lender at 90 days (that’s usually the longest lock) and then if the market has improved when you are ready to purchase you may be able to get a better rate and the broker can then lock at a different lender. THis is the great thing about using a broker and not a bank. Know better? Leave your own answer in the comments! Q&A: How (& where) to lock in an interest rate for new home purchase? (I have 800+...

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Q&A: I need a no doc or stated income loan on my personal home that is paid for. I have a fico score in the 800.?

on Oct 3, 2012 in Stated Income Loans | 1 comment

by eyewashdesign: A. Golden Question by American proud: I need a no doc or stated income loan on my personal home that is paid for. I have a fico score in the 800.? I have never had a problem paying my loans. I have a home that is paid for and a high credit score in the 800 range. I need a heloc or a first mortgage to buy rental properties with. This would be a cash out. Best answer: Answer by Melissa Pwith your score that high, treatment there used to be what was called a stated income/stated asset loan. with the way the laws have changed in the past couple years, no rx i don’t know if it still exists…but that is how we got 0our home. because our credit was so good, page they took our word for it when we told them what we made (which was actually the truth…we didn’t want to get more house than we could afford), and there was no kind of verification on it at all. the theory is that if your credit is that good, you don’t want to ruin it by defaulting. like i said though, i don’t know if they still offer that type of loan, but you can talk to a personal banker about it. good luck! Give your answer to this question below! Q&A: I need a no doc or stated income loan on my personal home that is paid for. I have a fico score in the...

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