Conventional 3% Down Payment & No Monthly Mortgage Insurance?

Yes! We have an exciting new conventional loan product called the Freddie Mac VLIP Mortgage (Very Low Income Purchaser).   On a VLIP Mortgage, qualified borrowers will receive a credit of 2% to be applied toward Lender Paid Mortgage Insurance LPMI.  LPMI means that the borrow will have no monthly mortgage insurance!  This is a special loan for home buyers with qualifying income less than or equal to 50% of the area median income.  Rates are excellent, 620 minimum FICO.  Call the Easterbrook Team for Details at (916) 850-6050.

FICO scores: good, bad and ugly

FICO scores: good, bad and ugly

The Fair Isaac Corporation – developer of the FICO score and a pioneer in the field – groups credit score results into five basic tiers.

• Exceptional – 800 and above.
• Very good – 740 to 799.
• Good – 670 to 739.
• Fair – 580 to 669.
• Poor – 579 and lower.

These numbers have a very real meaning to lenders. According to Fair Isaac, only 1 percent of those with credit scores of 800 and above are likely to become delinquent. To get more information, check out the article: CLICK HERE.  The Easterbrook Team focuses on the best home loan value for every individual borrower.  Call us at (916) 850-6050.