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I assume our credit scores are pretty good but lenders are getting tighter and tighter. Transunion said my score is 720 and my fiancee had all three scores around 750-760. We will have about 3% to put down and we are first time homebuyers. I really want to put myself in a position to get the best rates possible. Do you think we should be alright and do you have any advice?
Brad--With Credit Scores in the low-to-mid 700s & sufficient funds for a modest downpayment,you shouldn't have any problem getting the right mortgage @ the best rate & terms!Yes, Lenders are tightening up, but you seem to be the kind of Borrower that they're looking for now! With scores of 720 & 750, I must assume that you have NO "credit issues," such as recent Bankruptcy, Liens, Judgements, Collections, etc! I'd suggest you apply for an FHA-Insured Mortgage, as it requires only 3 per cent "initial investment" (Downpayment & Closing Costs) and uses "market interest rates" (between 6 & 7 per cent these days!)Also, some States have a Special "First Time Homebuyer's (FTHB)" Program that provides an "FTHB Training Session AND either "Downpayment Assistance" OR subsidizes interest rates or BOTH! Most of these "FTHB" Programs are used in conjunction with the FHA loan product. Check this out for further savings! Yeah, Brad, I think you & your Fiancee "should be alright!" To have the Credit Scores you've got, and asking the Questions you've asked, tells me you're smart & responsible people!My ADVICE? :Achieve the "American Dream" of Homeownership--and have a great life!--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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