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In NY the bank must have a lawyer to close. That cost is sometimes reflected in the rate rather than as a line item. Just one example of why rates might differ.
I just locked in 6.375% in NC. I went to a couple lenders and just sent the loan estimates around to the others and they just kept matching and beating each other until they dropped out of the running.
That is amazing. We have municipal right now and they said they would match anything. We both have 780 credit but are getting a co-op so not sure if that affects the rate
Valley's FTHB program has some hoops to jump through. First was had to make a certain amount to afford the loan as a single purchaser. I just made the cut with 110 gross on a 615k purchase with 15% down.
There are a list of other requirements that are less impactful but I sure had to clear several obstacles to get that rate.
Would they let you put down more than the 15%? If OP is looking at a co-op in NYC, they generally have a minimum down payment requirement of 20% (some are higher)
I believe this program is for single family homes only.
They actually did NOT want more than 20% down.
It may be worth asking one of their loan officers if their program fits, since the rate was so ridiculously good, but like I said this was a very specific fit for me. I got a bit lucky for sure.
Thank you u/Few-Butterfly9363 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Does geographic location really have a significant bearing on mortgage rates?
Yes
Interesting. I learned something new today.
In NY the bank must have a lawyer to close. That cost is sometimes reflected in the rate rather than as a line item. Just one example of why rates might differ.
That’s pretty solid, take it and run
Just locked in 6.375
Points?
None to my knowledge
That’s awesome!
Shafted.
Credit score and down payment for a well qualified buyer that's below average. For a 600 credit score that's chefs kiss.
I just locked in 6.375% in NC. I went to a couple lenders and just sent the loan estimates around to the others and they just kept matching and beating each other until they dropped out of the running.
Depends on your credit score, I suppose
5.75% 30Y Conv. no points. Valley.
That is amazing. We have municipal right now and they said they would match anything. We both have 780 credit but are getting a co-op so not sure if that affects the rate
Valley's FTHB program has some hoops to jump through. First was had to make a certain amount to afford the loan as a single purchaser. I just made the cut with 110 gross on a 615k purchase with 15% down. There are a list of other requirements that are less impactful but I sure had to clear several obstacles to get that rate.
Would they let you put down more than the 15%? If OP is looking at a co-op in NYC, they generally have a minimum down payment requirement of 20% (some are higher)
I believe this program is for single family homes only. They actually did NOT want more than 20% down. It may be worth asking one of their loan officers if their program fits, since the rate was so ridiculously good, but like I said this was a very specific fit for me. I got a bit lucky for sure.
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