FHA & VA Loans
Rates for Primary Home Purchase
Rates, terms, and fees as of September 28, 2022 12:35 pm and subject to change without notice. Select a product to view important disclosures, payments, assumptions, and APR information. Please note we offer additional home loan options not displayed here. Rates for Primary Home Purchase.
20-Year Mortgage Rates
Whether you’re considering a 20-year fixed-rate mortgage, 15-year mortgage or 30-year mortgage, my rates are unbeatable. Whether you’re just starting to shop for a home loan or you’re ready to get pre-approved, I’ll give you all your 20-year mortgage options, including no closing cost options. Get a free, no obligation rate quote today— no personal information required.
What are 20-year fixed-rate mortgages?
Unlike adjustable rate mortgages, a 20-year fixed-rate mortgage is a home loan which carries the same interest rate and monthly payment throughout the entire 30 year loan term. 20-year fixed-rate mortgages are provide the added security and predictability of a consistent payment, which in turn allows you to purchase a more expensive home.
Who should consider a 20-year fixed-rate mortgage?
If you’re looking for a consistent payment which will remain constant regardless of inflation or shifts in the bond market with a lower interest rate than a 30-year mortgage, a 20-year fixed-rate mortgage is the best option for you.
Top 20 Year Mortgage Questions
What are the credit score requirements for 20-year mortgages?
What is the maximum debt-to-income ratio for 20-year mortgages?
Your debt-to-income (DTI) ratio is the percentage of your income which goes to paying current debts. For a 30-year fixed-rate mortgage the maximum qualifying DTI is typically 45%. That said, depending on your credit score and cash reserves, some borrowers can still qualify with a DTI as high as 50%.
What is the minimum downpayment for 20-year mortgages?
The absolute lowest downpayment available for 20-year fixed-rate mortgages varies based on the buyer’s situation. If you’re a first-time home buyer, you can put as little as 3% down so long as you’re purchasing a primary residence. If you’re not a first-time home buyer and you’re purchasing a primary residence, the minimum downpayment is 5%.
What if I have some derogatory events on my credit report?
Most everyone has a had a few dings on their credit at some point. To qualify for a 20-year fixed-rate mortgage, you must meet the following requirements:
- No bankruptcies in the last 4 years
- No short sales in the last 4 years
- No foreclosures in the last 7 years (4 years if it was included in bankruptcy)
Mortgage Rate Straight Talk
Don’t make this mistake that mortgage rate shoppers make every day. It could cost you thousands.