MORTGAGE PAYMENT QUESTION??
Oct 5th 2007, 12:35 am
#31
Forum Regular
Joined: Feb 2006
Location: Fort Myers, FL
Posts: 92
Re: MORTGAGE PAYMENT QUESTION??
Sub prime used to be indicated with a credit score of 620 and under. There are other factors but if you had a score of 620 or under then you were going to get a sub prime mortgage.
Since the "credit crunch" sub prime is now considered as 680 or below. Also keep in mind that if you are getting a mortgage over $419k then it is considered a jumbo mortgage and a whole extra set of rules apply.
Just for comparison I've been quoted approx $3000 per month PITI on a $409k mortgage with 5% down (finance approx $385K using an 80/15 loan) at 6.125%.
Hope this helps
Roy
Since the "credit crunch" sub prime is now considered as 680 or below. Also keep in mind that if you are getting a mortgage over $419k then it is considered a jumbo mortgage and a whole extra set of rules apply.
Just for comparison I've been quoted approx $3000 per month PITI on a $409k mortgage with 5% down (finance approx $385K using an 80/15 loan) at 6.125%.
Hope this helps
Roy
Oct 22nd 2007, 5:29 pm
#32
Forum Regular
Joined: Oct 2007
Location: Louisville KY
Posts: 65
Re: MORTGAGE PAYMENT QUESTION??
I work in the mortgage industry as a loan officer and would happily answer any questions that haven't been answered already. Contact me if you like, I could very probably get you a good deal too if you're still looking.
Note to another poster - $417k is the conforming limit, anything above $417k is Jumbo.
Note to another poster - $417k is the conforming limit, anything above $417k is Jumbo.
Oct 22nd 2007, 5:31 pm
#33
Septicity
Joined: May 2004
Posts: 23,762
Re: MORTGAGE PAYMENT QUESTION??
Sub prime used to be indicated with a credit score of 620 and under. There are other factors but if you had a score of 620 or under then you were going to get a sub prime mortgage.
Since the "credit crunch" sub prime is now considered as 680 or below. Also keep in mind that if you are getting a mortgage over $419k then it is considered a jumbo mortgage and a whole extra set of rules apply.
Since the "credit crunch" sub prime is now considered as 680 or below. Also keep in mind that if you are getting a mortgage over $419k then it is considered a jumbo mortgage and a whole extra set of rules apply.
Oct 22nd 2007, 5:41 pm
#34
Forum Regular
Joined: Oct 2007
Location: Louisville KY
Posts: 65
Re: MORTGAGE PAYMENT QUESTION??
[QUOTE=fatbrit;5454354]The only rule in mortgage lending is.....that there are no rules![/QUOTE]
I wish that were true but Fannie & Freddie guidelines have certainly tightened up.
I wish that were true but Fannie & Freddie guidelines have certainly tightened up.
Oct 22nd 2007, 5:45 pm
#35
Forum Regular
Joined: Oct 2007
Location: Louisville KY
Posts: 65
Re: MORTGAGE PAYMENT QUESTION??
I'm still closing prime loans with scores under 680. It's about knowing your product and guidelines in getting things done. A lot of the experienced loan officers have left the industry and have been replaced by new officers without any experience.
Oct 22nd 2007, 5:52 pm
#36
Forum Regular
Joined: Oct 2007
Location: Louisville KY
Posts: 65
Re: MORTGAGE PAYMENT QUESTION??
In no particular order the following are the key ingredients to your mortgage.
FICO
LTV (Loan to value)
DTI (Debt to income)
You could have an 800 FICO but if your DTI was too high you wouldn't get approved on full documentation. Reduced Doc programs do not go up to 100% financing anymore.
FICO
LTV (Loan to value)
DTI (Debt to income)
You could have an 800 FICO but if your DTI was too high you wouldn't get approved on full documentation. Reduced Doc programs do not go up to 100% financing anymore.
