Credit Score & Downpayment

Downpayment:

Fannie Mae and Freddie Mac have applied a new delivery fee of .75% of the loan amount for condo purchases where the downpayment is less than 25%. One solution to this problem is to combine a first mortgage of 75% with a second mortgage of 15% as lenders can still loan up to 90% of the property value (depending on type of property) at this time. This new policy is currently being implemented but will be officially enacted on April 1st.

Credit Score:

In addition, if you have a credit score of less than 720, it's likely you'll pay a higher rate for your loan.