FICO credit score of 729, can I get a good rate on a new mortgage?

I believe I can help. At North Star Bank we specialize in all of the parameters of lending. Just give us a call. David Webber 214-771-8696.

Danny, we welcome the opportunity to work with you on your purchase, we are local to you in Rancho Cucamonga, CA to discuss loan programs such as USDA, VA, Conventional and FHA to compare the down payment on each and what the payments will be from 100% financing to 20% down.Nathan Rufty909-503-5600

One of the biggest dilemmas we face as prospective homeowners is what is the best use of my money? Do I put down 20% which depletes my savings, to avoid mortgage Insurance (MI), or do I put down as little as possible, knowing I will have to pay MI, but keep my nest egg intact as a cushion for all of life's knowns and unknowns. There is a saying that "Cash is King". Is it wiser to keep as much of your cash or lower your costs? There are a lot of things to consider. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. He/She will be able to show you the short and long term differences between the various down payment options, which should make the decision making process easier for you. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org.

Enter your answer hereDanny, You might want to also look to see if there is any Fannie Mae owned properties local in your area. You can put 3-5% down without Mortgage Insurance. Great product. We are a Direct Lending Bank for Fannie Mae please call me to go over the details 619-822-2411 here is the link to search properties http://www.homepath.com/

Leveraging other peoples money is always to your advantage. If you can afford the higher payments due to only 3.5% down payment along with the mortgage insurance...go for it. The $32,175 you keep in your pocket can offset a lot of mortgage payments. Happy Holidays!

Hi Danny:If you are a veteran you can buy a home with zero down and no MI with a VA loan. FHA requirese 3.5% down but there is a program within FHA that could be less. FHA loans require a $1,950 (1%) up front mortgage insurance premium to be added to the loan amount, and you will have to pay MI. Your monthly payment on a $195K home with 3.5% down FHA loan would look like this at a 3.875% interest rate: $893 P&I + $203 property taxes + $180 MI + $65 homeowners insurance = $1,341. The interest could possibly be less. These numbers are approximate, but should be pretty close and depend upon your ability to qualify for the loan. It is also possible to get a non-FHA conventional loan with 3% down, and avoid the $1,950 up front. MI will still be necessary and will probably be a bit less than the FHA MI. A VA loan should cost less monthly, even though the upfront money required will be about $4,200 (2.15%), because there is no MI. You have many ways to go and avoid the 20% down payment if you want to. Based upon the info you provided, you should have no problem quailifying for the loan. Give me a call 16/7, or email me, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.