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How Buyers Can Snag Mortgage Rates in 3% Range

by Michael Levy on July 6, 2012

in National, NEWS

Money Matters PHOTOTo secure the lowest mortgage rate, The New York Times reports you need the following:

1. Credit score of 740 or better

2. Down payment of 25 percent or more

3. Single-family home

However, home buyers with a lower credit score may still be able to get a low rate, for example:

“Say you have a 700 score but you are only financing 50 percent of the home’s value,” says Mark Maimon with Universal Mortgage in Brooklyn, N.Y.“You might get the same rate as someone who has an 800 score doing 75 percent financing.”

To read the full article, click here: Realtor Mag

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