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How to Find Best Loan?
How to get the best loan rates Guys?
(09-19-2014, 02:54 AM)Jessie483 Wrote: How to get the best loan rates Guys?

Jessie, The best loan program depends on whether the mortgage loan borrower qualifies. If the mortgage loan applicant has great credit scores and lower debt to income ratios, the best mortgage loan program for the mortgage loan borrower will be a conventional loan due to no private mortgage insurance required on home purchase loans with 20% down payment. A conventional mortgage loan borrower can also qualify for no private mortgage insurance ( also called lender paid mortgage insurance ) if they have less than a 20% down payment in lieu of a slightly higher rate.
The best loan programs depends on the individual mortgage loan borrower. For example, if you have credit scores of under 620 FICO, you will not qualify for a conventional mortgage loan. To qualify for a conventional mortgage loan, the minimum credit score required is 620 FICO. If you have credit scores under 620 FICO, your choices will be limited to FHA insured mortgage loan. You can get a FHA insured mortgage loan with credit scores as low as 500 FICO. However, a 10% down payment is required if your credit scores fall between 500 FICO and 579 FICO. If your credit scores are at 580 FICO or higher, then you only need a 3.5% down payment.

Attached is a link to mortgage loan programs, Jesse.


VA Loans and USDA Loans offer 100% financing with no money down. You do not have to worry about closing costs either as long as you can get a sellers concession towards a home buyer's closing costs or a lenders credit. Here is a few blog articles I have written and posted.




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