4. What hurts my credit scores? - High balances on credit lines hurt your score. Any amount that exceeds 20% of your account limits will hurt you score. Late payments will hurt your score. Late payments will stay on you report for 7 years. Collections will hurt your scores. In fact, FHA and USDA require all collections be paid. On conventional loans it is decided by the underwriting system. Tax Liens will significantly hurt your scores. And obviously foreclosures, short sales and bankruptcies will affect your scores.
For More Home Loan Information and FREE Interest Rate Quote go to mortgages4california
5. What is the minimum down payment? For FHA the minimum down payment is 3.5%. For USDA you can get a “0” money down home loan. With a “VA” loan (for military vets and active military only) you can purchase with 100% financing. With a conventional loan you can buy with 5% down up to a loan amount of $417,000. Above $417,000 it is 10% down payment. ( Note: for conventional loan FICO score can affect your down payment amount and interest rates)
Calfornia Home Loan Interest Rate Quote hollistermortgage
Keith Woeste
AFN
831-801-8667
NMLS 292588
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