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Criteria for house buying? Updated question about age?
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Criteria for house buying? Updated question about age?
How much are banks requesting from people with good credit--can you still put down 10% or is that a thing of the past?
Message edited 9/29/2008 11:09:04 AM.
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Posted 9/29/08 8:39 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Criteria for house buying?
With today's financial crisis - best bet is to check with the banks/mortgage brokers. What was done in the past may not necessarily be what is allowed today.
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| Posted 9/29/08 8:47 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Criteria for house buying?
if you are interested in an FHA loan- you can put less down and your credit doesn't have to be as perfect (700+)
the fees are alittle higher
also- banks are really looking at debt to income ratios- so it's best to pay off everything you can- to have the lowest debt to income ratio possible
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| Posted 9/29/08 10:41 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Criteria for house buying?
Posted by Beth1210
if you are interested in an FHA loan- you can put less down and your credit doesn't have to be as perfect (700+)
the fees are alittle higher
also- banks are really looking at debt to income ratios- so it's best to pay off everything you can- to have the lowest debt to income ratio possible
They have little debt-well a new SUV for about 37k and 2 credit cards maybe 5k max and thast it. They are older--in their early 50's--do banks consider age? It would be their first home....
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| Posted 9/29/08 11:08 AM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: Criteria for house buying? Updated question about age?
I just closed in July with 3% down. FHA loan.
ETA: let me know if you have any questions!
Message edited 9/29/2008 11:12:55 AM.
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| Posted 9/29/08 11:11 AM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Criteria for house buying? Updated question about age?
Posted by sometimesmommy
Posted by Beth1210
if you are interested in an FHA loan- you can put less down and your credit doesn't have to be as perfect (700+)
the fees are alittle higher
also- banks are really looking at debt to income ratios- so it's best to pay off everything you can- to have the lowest debt to income ratio possible
They have little debt-well a new SUV for about 37k and 2 credit cards maybe 5k max and thast it. They are older--in their early 50's--do banks consider age? It would be their first home....
as long as they can prove income and have good credit, i don't think banks can consider age...
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| Posted 9/29/08 12:27 PM |
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