da_red12 asked:
Was told by a mortgage broker that I would qualify for a 100% 2/1 buydown mortgage starting at 4.5% for first year, 5.5% for 2nd year and 6.6% for years 3-30. My credit score is 627 with good income and good debt/income ratio. The interest rate seems too good to be true for my credit score. Should I be skeptical? (The mortgage broker is the preferred lender of many new subdivisions in my area and nothing derogatory with bbb.org)
Oscar
Was told by a mortgage broker that I would qualify for a 100% 2/1 buydown mortgage starting at 4.5% for first year, 5.5% for 2nd year and 6.6% for years 3-30. My credit score is 627 with good income and good debt/income ratio. The interest rate seems too good to be true for my credit score. Should I be skeptical? (The mortgage broker is the preferred lender of many new subdivisions in my area and nothing derogatory with bbb.org)
Oscar
It is called a temporary buy down. Just go with the standard loan and do an 80% first and a 20% second to avoid PMI.
I am a mortgage banker in TN & KY
Try and see what you can get online by comparison-shopping and compare the offers to your current one. You can start below
I may be able to help with this loan. Contact me whenever possible.
513-860-2940 ext 10
Martin Smith