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You offered 6% below the asking price and for them to lend you $485,000 at 4% because your credit is bad, and apparently so bad that it will take five years to fix?
Home has been for sale for one year. It's in a semi rural area.
Actually let me clarify. Credit is 725 no big issues but we want to get to 800 before we apply. Probably take a year or two.
We just heard back incidentally. $515K is ok. They want more down and higher interest with less term. Some progress there. As you know these things can take time. I own a home in Alaska with equity about $160k but lending is very tight right now. Minimum 765 FICO for anything decent.
I think you are getting a great deal, lending is much tighter than it use to be. Your 6% down on a 4% loan is way below market considering you are also probably saving on the PMI. I can see why they want more down and higher interest.
Actually let me clarify. Credit is 725 no big issues but we want to get to 800 before we apply. Probably take a year or two.
We just heard back incidentally. $515K is ok. They want more down and higher interest with less term. Some progress there. As you know these things can take time. I own a home in Alaska with equity about $160k but lending is very tight right now. Minimum 765 FICO for anything decent.
Why would you want to get to 800 before you apply? Who requires a "minimum 765 FICO for anything decent"??
Why would you want to get to 800 before you apply? Who requires a "minimum 765 FICO for anything decent"??
You might be surprised as were we with just how "tight" lending restrictions are. In my case I own a home in Alaska which is rented for $700.00 more per month than my mortgage but it still counts as a draw on my income so I've been told. With not a lot down <50k they want uber FICO scores.
You might be surprised as were we with just how "tight" lending restrictions are. In my case I own a home in Alaska which is rented for $700.00 more per month than my mortgage but it still counts as a draw on my income so I've been told. With not a lot down <50k they want uber FICO scores.
Maybe you should find a new lender. Are you trying to buy in Alaska or SD. 5% Down in Alaska should be easier than 5% in SD.
Actually let me clarify. Credit is 725 no big issues but we want to get to 800 before we apply. Probably take a year or two.
We just heard back incidentally. $515K is ok. They want more down and higher interest with less term. Some progress there. As you know these things can take time. I own a home in Alaska with equity about $160k but lending is very tight right now. Minimum 765 FICO for anything decent.
Wait, who's "they?"
Are you comparing a private mortgage to a traditional bank loan??
Oh my God, you shouldn't perceive their guidelines as if they are a bank or a lender. Private mortgages always involve stricter/tougher guidelines. That's why it's called HARD money!
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