question how much do we need to put down with a 780 credit score?
Hi there, We have an investment property in Boston, MA which is carrying a mortage. We're currently renting in rockville, md and are hoping to buy a primary residence here. Will it be diffficult to get a mortgage with 10% down? We both have credit scores in the high 780 range. Thanks for your input! by alanstienervich from Rockville, Maryland. Oct 9th 2009
Michael DiMarzo (mdimarzo)
#6 ranked lender in Maryland - 21 contributions
Depends on debt ratio. If that's good you should not have any problems
- - (Voted.Best.Rates.and.Service)
#11 ranked lender in New York - 377 contributions
After considering your question, I believe the answer is yes. It seems that you have made good financial decisions. If all the numbers come in good, the only other thing you will need is a letter of explanation. That is often required when you are purchasing a primary home and you currently have a property.
Mike Schults (Mikeschults)
#199 ranked lender in California - 24 contributions
You could run into a snag you need to have 70% equity in the house you are using as a investment home if that home is upside down or higher than 70% Loan to Value the new home you are buying might have to be treated as a investment home as well even if your going to live in it. They are trying to keep people from running away from a home that might be upside down and buying a new one so this is something new that people don't think of.
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