Quote:
Originally Posted by skraemer
Ya, I've talked to my credit union. They want 10k down plus a cosigner at 5%. Just gotta convince the rents to cosign.
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If you are making $50K and your debt ratio is below 35% there is NO reason for such a down payment requirement. What CU are you with? Again not knowing all of your details, but a 2 year work history in a professional job making 50K we would finance 90% including TT&L. My CU serves Exxon employees, and we are super conservative. You may want to sit down and discuss lowering the down payment or find another CU. Believe me, lending is very difficult right now and anyone who has a score of 700+ should no way be paying higher that 4.50% for up to 72 months period. Again shop around, everyone out there is using the credit crunch as an excuse to Jack up rates on people like yourself. The truth is, they need you more than you need them. Investment rates suck, so they need to build their loan portfolios. Be aggressive and shop around. You will get what you want.