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Loan type. Minimum credit score. Conventional loans. 620. FHA loans. 580 with 3.5% down payment, 500 with 10% down payment. VA loans. No minimum requirement, but generally 620
When seniors apply for a mortgage, lenders look at the same financial criteria as they do for any other borrower, including credit history and score, debt-to-income (DTI) ratio, income and other ...
Banks generally only offer an interest-only mortgage to a well-qualified borrower. You’ll likely need: A credit score of 700 or more. A debt-to-income (DTI) ratio of 43 percent of less.
The rule suggests that your mortgage costs shouldn’t be more than 28% of your gross monthly income or more than 36% of your combined debt, including your new monthly mortgage costs.
Here’s an example: if you take out an interest-only, 7/1 adjustable-rate mortgage loan, you’ll pay interest only for the first 10 years of the loan and the interest rate will be fixed for the ...
Interest-only loans, which require borrowers to pay only the interest on the loan for an initial fixed period, shouldered much of the blame for the flood of foreclosures when the housing bubble burst.
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