Home Buyer Help

Valid HTML 4.01!

Down Payment Assistance Programs
I need Down Payment Money.......

Interest Rates and You

The rate of interest you pay on your loan can have a significant impact as to how much home you can afford. However, before you begin negotiating, you need to know your credit.

If your credit is excellent, you have an ample opportunity to get a good rate using no money down programs. Whether doing an 80% first and 20% second or a single note for first time home buyers. However, before you start, don't shop rate, shop counsel. Good counsel has a lot more value than a better rate on the wrong loan for you.

If your credit is marginal, you should still look at rate, but you should also negotiate programs that fit better with your level of credit. Paying .125% more for a better program is not really a high price to pay versus the cost of the wrong program.

If your credit is below 580 on the mid FICO® score (your middle score from the three credit agencies), this says you are credit challenged. While you should discuss rate with your lender/broker, it is not suggested you fight or you may fight your way right out of someone who can get you a good rate under an FHA or VA program.

In today's high volume mortgage market, the most skilled and creative lender/brokers are not very tolerant of demanding credit challenged home buyers. As a credit challenged buyer, these high skilled specialists are the people you want working on your loan.

The only time it's suggested you seriously negotiate is when you are relegated to sub-prime high interest rate loans. However, if you can get an FHA or VA loan at .5% above the prevailing good credit rates, and the alternative is a 8.5% to 10% rate, why would you want to fight?

When negotiating, you have to consider the same facts that your lender/broker/banker must consider and the primary factor in any decision is your credit.

Home Buyer Education:
Youe Closing Costs Matter

Copyright Copyright Notice2003 - 2012 U.S. #TX0006199019 - All Rights Reserved
Privacy Policy/Terms of Use

Printer Friendly Page
Refer Our Website
Credit Repair Techniques
Mortgage Calculators
Benefits to Mortgage Professionals
Benefits to Builders
Benefits to Realtors
Benefits to Sellers
Real Estate Terms
Home Buyer Education
First Time Home Buyer Grants
Charity Resources
Benefits To Home Buyers
Down Payment Assistance Home Page
Frequently Asked Questions
Find Local Professionals
MLS Search
line bar2
line bar3
line bar4
line bar5
line bar6
line bar7
line bar9
line bar10
line bar11
line bar12
line bar13
line bar14
line bar15
line bar16
line bar17
line bar18

Capital Repayment

bookmark this page

Link To Us - Your Link is why we are found in the search engines! Please Support Our Site

Down Payment Solutions
Find Success

Other Important Links for down payment assistance and first time home buyers:

Home Buyer Grants By State:
Alabama - Alaska - Arizona - Arkansas - California - Colorado - Connecticut - Delaware - Florida - Georgia - Hawaii - Idaho - Illinois - Indiana - Iowa - Kansas - Kentucky - Louisiana - Maine - Maryland - Massachusetts - Michigan - Minnesota - Mississippi - Missouri - Montana - Nebraska - Nevada - New Hampshire - New Jersey - New Mexico - New York - North Carolina - North Dakota - Ohio - Oklahoma - Oregon - Pennsylvania - Rhode Island - South Carolina - South Dakota - Tennessee - Texas - Utah - Vermont - Virginia - Washington - DC - West Virginia - Wisconsin - Wyoming