Quote:
Originally Posted by Cecil Terwilliger
It would actually be 2% above contract or the benchmark rate, whichever is higher. And it would be 25 years, not 30. Assuming you’re going with a lender that follows those guidelines. Some credit unions and other lenders do not.
But 7% probably is in the right range for the qualifying rate that would be used for most people based on current rates.
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Yeah I think the 7% is the current qualifier, doesn't take into account today.
I use 30 because I'm being extremely generous. You can still get 30 year on high ratio loans.