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30yr fixed rate mortgage and fannie mae pricing

Started by Kin1386
over 16 years ago
Posts: 2
Member since: Mar 2009
Discussion about
I am looking at a NYC Co-op, 20% down payment, FICO Score>740, purchase price $750k. Any experts know what can I expect for a 30yr fixed rate mortgage? Does the risk based pricing that fannie mae charges apply? Thanks.
Response by glamma
over 16 years ago
Posts: 830
Member since: Jun 2009

probably around 5.3% - 5.5% unless you have some other problem like unestablished job history or not enough cushion in the bank. here is a chart i use to watch the avg 30 yr fixed

http://www.bloomberg.com/apps/cbuilder?ticker1=NMCMFUS%3AIND

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Response by sohfly
over 16 years ago
Posts: 22
Member since: Jan 2008

how much is enough cushion?

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Response by glamma
over 16 years ago
Posts: 830
Member since: Jun 2009

i think it's something like 6-12 months of mortgage payments.

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Response by mbrokerNY
over 16 years ago
Posts: 103
Member since: May 2008

charges apply to all coop/condos over 75% ltv. there is a .75% fee.

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Response by shong
over 16 years ago
Posts: 616
Member since: Apr 2008

Youre looking at a high balance conforming so youre probably looking in the mid 5% range. You need 2 months of mortgage payments and maintanence reserves. Regular conforming rates are in the lower 5% range. sunny.hong@bankofamerica.com

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