Home Buying For Dummies (For Dummies (Business & Personal Finance)) Rates on 30-year fixed loans dipped last week, to 6.41 percent. In addition, tightened lending standards stemming from the subprime crisis likely mean fewer buyers, pushing down home prices. But, ou’ve got to be a buyer with good credit, a low debt to income ratio, a healthy down payment, verifiable income, and looking to finance less than $417,000 (the cutoff for so-called jumbo loans). Expect to pay a down payment of at least 10 percent, and have a FICO credit score of 620 or higher in order to get a rate between 6.2 and 7.5 percent. Perhaps 90 percent of home buyers qualify for that prime rate, although if you want a rate below 7 percent you probably need a FICO score above 660.

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