Woodbridge Mortgage News
Timely and relevant information about obtaining a mortgage, credit scores, FHA, VA, and No Down Payment Loans in the DC Metro area.
ARCHIVED BLOG POSTS
2020
A healthy credit score is a requirement for getting approved for a mortgage. The minimum score allowed on and FHA or VA loan is 580, although most lenders won't touch a loan with a score under 620. A minimum credit score for a loan is 620-680; a good score is 680-790; and an excellent score is 79...
11/13/2020
Here is some perspective on current interest rates: Over the past fifty years the average interest rate on 30-year fixed rate home loans have averaged out to 8%. I bought my first house in 1983 with a 14% FHA loan, and was grateful to get 14% because conforming loans were 16%+. I bought my next h...
11/13/2020
I met a man recently at a neighborhood social event. He knew from my mailers in the community that I am a loan officer. He said right away that he had taken advantage of the forbearance law on his house, and he asked if I had taken forbearance. I said no, I don't need forbearance on my loan. He r...
11/10/2020
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