Economy Rockford: Mortgage Advice

You need a credit score of 620 or higher to get approved for a mortgage today, but 23 News mortgage expert Terry Bloom says that score is only one part of the process. Debt to income ratio, and loan to value ratio, less than 80% is also critical. If you want to go with Freddie Mac or Fannie May, Bloom says expect to put between 5 and 10% down. Federal Housing Administration loans only require 3% down. Believe it or not, there still are opportunities to put no money down.

If you make more than $74,000 a year, you will not qualify for no the no money down offer. Generally mortgages insured by the Federal Housing Administration offer easier qualification standards.


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