"It is going to be a popular program because it is $4,000, but we're going to compare that and contrast it with other programs that they have to put a little more money down, might allow them to get a better interest rate or lower mortgage insurance to be able to do those other programs," said Day. That said, Day believes a 1% down mortgage is worth examining among all the other creative lending options. Home Current Mortgage Rates Today Todays Mortgage Rates Your rate will be different depending on your credit score and other details. So that takes into consideration all the borrowers on the application, so that's going to be a limiting factor," said Day.Īnother concern borrowers should consider is owing more than their homes are worth. "In Hennepin County, it's around $94,000. And you can't make more than 80% of the median income in the area where you're buying. You must have a credit score of 620 or higher. "They're looking at getting gifts from their parents, they might be looking at taking a loan out from their 401K, or maybe they're putting off purchasing for a few months so they can save up those funds - $4,000 just gets them that much closer," said Day.īut not everyone qualifies. ![]() Day says local homebuyers who can't afford a down payment that large are asking about the 1% option, among other things.
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